Tuesday 16 October 2018

Unemployment rate drop to 5.4pc last month is 'welcome continuation of downward trend'

(stock photo)
(stock photo)
Louise Kelly

Louise Kelly

The unemployment rate dropped to 5.4pc last month, down from 5.6pc in August.

According to the latest figures from the CSO, this figure is down from 6.6pc in September 2017.

In September 2018, the number of people unemployed was 129,400, down from 134,200 compared to the August 2018 figure.

This represents a decrease of 26,800 when compared to September 2017.

Economist at global job site Indeed, Pawel Adrjan said that last month's figure is a "welcome continuation of the rapid downward trend Ireland has been experiencing".

"The tighter labour market is demonstrated by the range of hard to fill roles we are seeing advertised on Indeed.ie. These are jobs which have remained unfilled after being advertised for 60 days. The top 50 hard to fill roles are dominated by technology, but the list also features finance, legal and healthcare sector jobs," he said.

"An upward pressure on wage rates will almost certainly be one of the likely outcomes as the economy moves closer to full employment. Pay growth in Ireland has been relatively subdued at 2.9pc annually, however some of the most in demand roles have seen considerably higher wage growth with finance up 6.1pc, and construction up 5.0pc."

Other key points from CSO report:

  • Unemployment rate was 5.7pc for men, down from 5.8pc in August 2018 and down from 6.9pc in September 2017
  • Unemployment rate for women in September 2018 was 5.1pc, down from 5.4pc in August 2018 and down from 6.3pc in September 2017
  • Unemployment rate for persons aged 15-24 years (youth unemployment rate) was 12.9pc in September 2018, a decrease from 13.9pc in August 2018

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