Employment in Irish economy surges to new high of 2.6m despite price squeeze

The number of people at work in the State has risen to a new high of 2.6 million despite a slowdown in demand internationally and other economic headwinds, according to the Central Statistics Office (CSO).

The agency’s latest Labour Force Survey showed the number of people classified as being in employment increased by 102,700 or 4.1 per cent to 2.61 million in the 12 months to the first quarter of this year.

A contributory factor was increased female employment. The employment rate for women was 69.2 per cent, the highest level since the series began in 1998, while the unemployment rate for women (at 3.8 per cent) was at its lowest level.

The Irish economy continues to perform strongly in the face of domestic and international headwinds. The sectors that saw the largest year-on-year growth in employment were the administrative and support service activities sector, which increased by 10,700 or 10.5 per cent, followed by the wholesale and retail trade (up 29,500 or 9.8 per cent).

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However, there were decreases in employment in the agriculture, forestry and fishing sector (down 4,400 or 4.3 per cent) and the transportation and storage sector (down 2,600 or 2.3 per cent).

The strong employment numbers coincided with a steep decline in unemployment, which fell to 4.1 per cent (110,700), the lowest level since 2001, and a level that economists suggest is close to full employment. In annual terms, unemployment fell by 16,000 or 12.7 per cent.

An estimated 561,700 or 21.5 per cent of those in employment worked part-time, and about a fifth of those in part-time employment were classified as underemployed, meaning “they would like to work more hours for more pay”, the CSO said.

The overall participation rate – a key metric – stood at 64.9 per cent in the first quarter, slightly up from a year earlier. The participation rate for men was 70.6 per cent, compared with 59.5 per cent for women.

The number of absences from work (including sick leave, family leave and holidays) during the reference week in the first quarter was down 14.9 per cent to 143,000, the agency said.

This, together with an increase of 4.1 per cent in employment, resulted in an increase of 3.8 per cent or 3.1 million more hours worked per week to 83.9 million hours per week.

At regional level, the highest employment rate was recorded in Dublin at 75.5 per cent, up from 75.1 per cent a year earlier. The lowest employment rate (71 per cent) was in the southeast region, an increase from the rate of 68.9 per cent observed in the first quarter of last year.