Irish employment growth slows to a 6-year low

New figures from the Central Statistics Office show the numbers employed in the economy falling from March to June of this year.

The CSO’s latest Labour Force Survey has led to an upward revision in the unemployment rate for July from 4.6% to 5.3%.

The number of people at work is a key measurement of how our economy is doing.

The good news is there were 45,000 more people in employment here at the end of June compared to a year ago.

However, there was a reduction in the numbers employed in the months from March to June. Add in some statistical adjustments and it has led the CSO to revise upwards its latest unemployment rate for July from 4.6% to 5.3%.

Minister for Finance, Paschal Donohoe said he is encouraged by these figures which demonstrate the continued strength of the economy with employment growth spread relatively broadly across the regions and sectors.

“However, we did see a softening in the level of employment in the second quarter which was down from the record level set during the exceptionally strong first quarter, with a slight uptick in unemployment as well,” Minister Donohoe said. “This is not surprising given the strength of the first quarter numbers, and is in keeping with my Department’s overall outlook for the economy as set out in its Spring Economic Forecasts as published in the Stability Programme Update in April.

“A slight softening in the second quarter is in keeping with some of the high frequency economic data and surveys released during this period, as well as global economic developments.”

Dermot O’Leary, chief economist with Goodbody, said, “While one should not get carried away with one quarter, it does suggest that a combination of slower construction growth, Brexit uncertainty and wider global trade concerns is having some impact on the very open Irish economy”.

Separate figures show Ireland’s population continuing to rise.

More people coming to live here and more people being born has increased the population by 64,500 in the year to April bringing the population to 4.92 million.

Dublin accounts for 28.4% of the population with 1.4 million people.

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