herald

Tuesday 6 December 2016

Unemployment at its lowest level in 8 years

Richard Eardley of Hays
Richard Eardley of Hays

Unemployment in Ireland is now at its lowest level in almost eight years, according to the latest figures from the Central Statistics Office (CSO).

The latest data shows that the number of people on the Live Register has now more than halved since the peak of the crisis back in 2012, when unemployment hit a high of more than 15pc.

The current unemployment rate has now fallen to 7.3pc, with the number of people out of work nationwide now standing at 166,700. The figures will come as a significant boost for the Government.

With continuing growth in the number of jobs being created in the economy, the data appears to indicate that the short-term impact of Brexit on jobs has not been as pronounced as first feared.

The rate of 7.3pc is also a substantial decrease on the same month for 2015, when unemployment was at 9.3pc.

There are now 36,200 fewer people on the Live Register than there were this time last year.

The figures reveal that the unemployment rate for males was 8.3pc, while the female jobless rate came in at 6.1pc.

The rate of youth unemployment is still quite high however, standing at 15.5pc.

Shortages

While jobs are being added consistently to the Irish workforce, it has emerged that there have been consistent worker shortages across some sectors.

Ireland's inability to develop enough tech talent has caused intense competition among employers, according to Richard Eardley of Hays recruitment.

He was speaking after a salary survey showed that more than three-quarters of employers expect hiring challenges in 2017 and 44pc of employees are unhappy with their salaries.

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