Employment figures show job growth more resilient than forecast - Davy

Michael Bolton

Ireland's unemployment figures released by the Central Statistics Office (CSO), show the State's job growth is more resilient than originally predicted, according to Davy.

The latest figures released by the CSO show unemployment in Ireland is currently at 4.3 per cent, down from 4.6 per cent at the end of 2022. This means 117, 200 people are currently unemployed in Ireland.

The youth unemployment rate for those aged 15-24 was 10 per cent, still close to its lowest level since 2007. The male unemployment rate was 4.1 per cent and the female rate was 4.6 per cent.

According to Davy chief economist Conall MacCoille, this rise in employment in the State is an indicator of Ireland's strong economic performance so far in 2023.

"We already knew that the CSO's measure of employees rose by 0.6 per cent in December and 0.3 per cent in January to 2.39 million. The key point here is that jobs growth looks to have been more resilient than we had forecast, a slowdown to 1 per cent growth in 2023 despite employment already being 9 per cent above pre-pandemic levels.

"The Labour Force Survey (LFS) indicated that Irish employment grew by 0.6 per cent to 2.57 million in Q4 2022. This means that Irish employment is already 9 per cent above pre-pandemic levels – an exceptional performance.

"The key point here is that there now looks to be upside risk to our forecast that jobs growth would slow from 3 per cent in 2022 to 1 per cent in 2023."