Irish Jobs Index shows labour market stabilised between April and June

New data show the Irish jobs market stabilised in the second quarter of the year, with the rate of the reduction in vacancies easing during the three-month period and the overall total of job vacancies now largely in line with pre-Covid levels.

The Irish Jobs Index indicated the drop in the number of quarterly vacancies slowed to 4 per cent compared to the first quarter of the year, but the number of new jobs being advertised was still 25 per cent lower than in the same period of 2022. That reflects the surge in hiring that took place in a year, which dropped off as time went on.

The data also indicated the number of fully remote jobs had rebounded, with a 15 per cent increase on the first three months of the year, halting a run of successive quarterly falls. The majority of these vacancies — 90 per cent — were being offered in urban centres by employers in Dublin, which accounted for 79 per cent, Limerick which had 7 per cent of the vacancies and Cork at 4 per cent.

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The data indicated the pressures of regular commutes into urban centres are a factor in offering remote work, while rising costs are also expected to be a factor.

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The sectors accounting for most of the vacancies were catering, at 14 per cent, management at 9 per cent, with the healthcare sector at 7 per cent. The IT industry generated 6 per cent of the vacancies in the quarter, which continued the downward trajectory seen since the third quarter of last year. Year on year, vacancies in the sector are down 30 per cent, while the quarterly figures showed a 13 per cent decline, bringing the sector more in line with the second quarter of 2019.

Important criterion

“The latest release of our jobs index shows that the jobs market is more settled than in recent years, following a period of volatility,” said Orla Moran, managing director of Irish Jobs and the Stepstone Group Ireland.

“For jobseekers, the rising cost of living and inflationary pressures continue to have an impact on jobseeker preferences. For the second quarter running, a higher salary is ranked by applicants as the most important criterion when looking for a new job. It is pivotal that employers recognise the significance of these pressures in their hiring and recruitment strategies to attract talent in a competitive labour market.”

The latest data from the Central Statistics Office showed unemployment was 3.8 per cent in June, a level that is considered full employment.