THE SEASONALLY ADJUSTED unemployment rate for May was at an all-time low of 3.8%, down from 3.9% last month.

Data from the Central Statistics Office (CSO) found that the seasonally adjusted number of people unemployed was 103,300 this month, and fell by 8,700 in the past year.

The youth unemployment rate (people aged 15-24 years old) fell significantly from 7.7% in April to 6.9% this month.

Unemployment fell among men to 4.1% (4.2% in April) and was at 3.4% for women (down from 3.5% in April).

Senior economist at hiring platform Indeed, Jack Kennedy, said that the rate of unemployment has never fallen below 3.9% before this month.

“The rate of unemployment fell in May to 3.8% hitting a new low since records began in 1998 and reflecting a pattern of sustained reductions in joblessness in 2023. Since January of this year (4.3%) the main unemployment rate has fallen steadily to a revised 4.1% in February, 4% in March and 3.9% in April.”

“The unemployment rate was last at 3.9% between October 2000 and April 2001. This was at the height of the Celtic Tiger. Any rate below 4% signals that the country is at ‘full employment’. The rate of unemployment has never been recorded at less than 3.9% before.”

Data on job postings from Indeed show that as of 19 May, postings were 53% above the 1 February 2020, pre-pandemic baseline.

The occupations in which postings were farthest above pre-pandemic levels include healthcare and social care-related occupations, alongside agriculture and cleaning & sanitation. 

Indeed Indeed

In Indeed’s latest job postings research just four categories were below the pre-pandemic baseline: Media & communications, IT operations & helpdesk, legal and software development. 

Kennedy continued:

“Notably, the research also showed that the gap in job posting trends between Dublin and the rest of Ireland has continued to widen. Postings in Dublin are just 12% above pre-pandemic levels, while postings in the rest of the country are up by 124% over the same period.”