Saturday 10 December 2016

Unemployment rate drops below 8pc, the lowest rate since 2008

Published 22/11/2016 | 12:20

Unemployment is at lowest since 2008
Unemployment is at lowest since 2008

The number of people in work increased by 57,500 in the year to the end of September, official figures show.

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The unemployment rate dipped to 7.9pc over the summer months, and is estimated to have fallen to 7.5pc last month. That’s the lowest rate since September 2008.

The numbers in work now stand at 2.04 million – the highest level since the end of 2008, when the figure was 2.08 million, according to the Central Statistics Office.

Unemployment dropped by 25,300, or 12.5pc, in the year to the end of September, bringing the total number of people unemployed to 177,700.

On a seasonally adjusted basis, employment increased by 13,500, or 0.7pc, over the previous quarter.

Davy Stockbrokers said the data provides further good news on the health of the labour market.

“The robust 0.7pc rise in employment will help allay fears that softness in some Irish economic indicators, especially in the export sector, heralds a sharp slowdown in the economy,” said Davy economist Conall Mac Coille.

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