Thursday 19 October 2017

Youth unemployment falls slightly in May

The unemployment rate for May was 6.4pc (Stock image)
The unemployment rate for May was 6.4pc (Stock image)
Ellie Donnelly

Ellie Donnelly

The youth unemployment rate has fallen slightly to 11.7pc in May, from 12pc in April, on a seasonally adjusted basis, according to the latest figures from the Central Statistics Office.

“The level of youth unemployment has improved significantly on 12 months ago, with 11.7pc of 15-24 year olds unemployed in May 2017 compared to 18pc a year ago,” Mariano Mamertino, EMEA economist at global job site Indeed, said.

The overall seasonally adjusted unemployment rate for May was 6.4pc, unchanged from the revised April rate, and down from 8.4pc this time last year.

In terms of the numbers of people unemployed, the seasonally adjusted number of persons unemployed was 140,700 in May 2017, down from 141,900 when compared to the April 2017 figure, and a decrease of 42,800 when compared to May 2016.

“The unemployment rate in May of 6.4pc was unchanged on the previous month, but it has come a long way from the 8.4pc registered just 12 months ago.

Barring an unforeseen economic shock it looks highly likely that the unemployment rate will continue to decline and fall below 6pc in the coming months,” Mamertino said.

Breaking the figures down by gender, in May 2017 the seasonally adjusted unemployment rate was 7.1pc for males, down from 7.2pc in April 2017 and down from 9.6pc this time last year.

For females, the seasonally adjusted unemployment rate was 5.5pc in May 2017, down marginally from 5.6pc in April 2017, and down from 6.9pc in May 2016.

The seasonally adjusted number of males unemployed in May 2017 was 85,900. This is a decrease of 200 when compared to the April 2017 figure of 86,100.

While in May 2017 the seasonally adjusted number of females unemployed was 54,800, a decrease of 1,000 when compared to April 2017.

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