Unemployment rate rises slightly to 4.2% in October – CSO
The unemployment rate rose slightly to 4.2% in October from a near-record low of 4.1% a month earlier, new figures from the Central Statistics Office showed today.
The unemployment rate for September was revised down from a provisional reading of 4.3%, the CSO said.
Today’s CSO figures show that the jobless rate for men in October stood at 4.1%, up from a revised rate of 4% in September and down from a revised rate of 4.4% in October last year.
The unemployment rate in October was 4.3% for women, unchanged from the September rate, and down from a rate of 4.6% in October 2023.
Meanwhile, the youth unemployment rate increased to 10.6%, from a revised rate of 10.4% in September.
The CSO said the seasonally adjusted number of people unemployed was 121,200 in October, compared with 120,000 the previous month.
There was a fall of 5,900 in the seasonally adjusted number of people unemployed in October when compared with a year earlier, it added.
Commenting on today’s figures, Jack Kennedy, the senior economist at hiring platform Indeed, said the slight rise in unemployment comes as job postings on Indeed continue to slow.
“As of November 1, the Indeed Job Postings Index for Ireland – a real time measure of labour market activity was down 20% year on year, although it remains 15% above the February 1, 2020 pre-pandemic baseline (seasonally adjusted),” the economist said.
“As we approach the end of the year, the unemployment rate appears set to remain below 5% for all of 2024 as forecast earlier this year. The highest rate recorded since January 2024 was 4.7% in July,” Mr Kennedy said.
“This remarkable performance comes amid cautious optimism for moderate economic growth for Ireland in 2025 as inflation rates continue to cool, although not quite as quickly as hoped for,” he added.
But he said that concerns remain over the risks to the Irish economy posed by geopolitical tensions and uncertainty, infrastructure challenges and the highly concentrated nature of the country’s corporation tax base.
The importance of continuing to attract FDI in Ireland has been discussed extensively with investment in education, infrastructure and housing seen as priorities in addition to maintaining a competitive corporate tax rate,” he added.
Article Source – Unemployment rate rises slightly to 4.2% in October – CSO – RTE
