Unemployment remains at 20-year low of 4.4%

Unemployment remained at a two-decade low of 4.4 per cent in October as the economy braces itself for slowdown as consumers and businesses feel the pinch from higher costs.

The 4.4 per cent rate was lower than the 4.8 per cent that presided in October 2019 before the pandemic.

The Central Statistics Office (CSO) said there were 117,500 people classified as unemployed in the month on a seasonally adjusted basis compared with 115,500 in September. The agency said there was a decrease of 20,400 in the seasonally adjusted number of people unemployed in October 2022 when compared with a year earlier.

The unemployment rate for men was 4.3 per cent in October and 4.6 per cent for women.

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The lifting of Covid-related restrictions has triggered a rapid turnaround in unemployment, which had risen to record levels at the height of the pandemic.

Economists believe an unemployment rate of 4 per cent in the Republic as amounting to full employment.

The latest figures come despite inflationary pressures and the ongoing war in Ukraine, which are expected to slow headline growth.

The CSO said youth unemployment fell to 12 per cent, down from a revised rate of 12.2 per cent in September.

Jack Kennedy, economist with recruitment site Indeed, noted that unemployment remained at 4.4 per cent in October despite fears about a rise in interest rates, a higher cost of living and the economic impact of Russia’s invasion of Ukraine.

Ireland faces mounting economic challenges with higher prices squeezing real incomes and consumers reducing discretionary spending, he said.

Using Indeed data, he said job posting recovery for Dublin continues to lag the rest of Ireland. At 34 per cent above the pre-pandemic baseline, Dublin continues to underperform the rest of Ireland (+90 per cent).

“This trend is similar to many large urban areas. Commuter footfall in Dublin remains down on pre-pandemic levels which is weighing on local services that rely on their spending,” he said.

“This is coupled with changes in the labour marketplace where a desire for better work-life balance has led to a reduction in commuting and other spending associated with working from the office,” he said.

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