The latest Labour Force Survey shows the number of people in employment is at a record high, with July’s unemployment rate standing at just 4.3 per cent as employment increased by 88,400, or 3.5 per cent, in the second quarter of this year.
The Q2 2023 Labour Force Survey and latest Monthly Unemployment Release show:
- employment continues to grow, with 87,400 jobs created in the year to Q2 2023
- total employment stands at 2.63 million, in excess of the 2.5 million target set in the Economic Recovery Plan for 2024
- regions have driven this jobs growth – Employment outside of Dublin increased by 64,300 in the year to Q2 2023 (+3.6%)
- full time employment was up 72,000 (+3.6%) year on year in the second quarter
Commenting on the figures, the Minister for Enterprise, Trade and Employment, Simon Coveney TD, said:
“For another successive quarter, we have reached a new record for the highest number of people employed in our country than ever before, with the monthly unemployment rate standing at just 4.3% in July. It is a testament to the hard work and remarkable resilience of Irish enterprise. Female participation rates in the labour market in particular are now at historic levels, with more women availing of opportunities for employment.”
Commenting on the figures, the Minister for Finance, Michael McGrath T.D., said:
“Today’s figures indicate the continued strength of the labour market. More than 88,000 jobs were added in the year to Q2 with 8,600 added in the second quarter alone, on a seasonally adjusted basis. As a result, the employment rate rose to an all-time high of 74.2%. This is a significant achievement given the economic headwinds faced in recent years and points to the resilience of the labour market and the success of government policies introduced in response to these challenges.
Positively, despite the correction that took place in the ICT sector in the second half of last year, employment in ICT rose by 2.2% on a quarterly basis in the second quarter to a new record high of 174,000.
Overall, today’s figures suggest that the labour market is now operating at or possibly beyond capacity. With labour demand still strong according to job postings, the labour market is likely to remain tight over the near term. This presents a growing risk of accelerating wage pressures. Government policy will therefore focus on alleviating supply-side bottlenecks while avoiding contributing to a wage-price spiral that could damage our competitiveness and impact our economy.”
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