Monthly unemployment rate drops to record low of 3.8%

Kenneth Fox

The seasonally adjusted unemployment rate dropped to 3.8 per cent in May 2023, according to data from the Central Statistics Office (CSO).

It follows the ongoing trend of unemployment dropping as since March 2021 the rate has steadily decreased.

In May 2023 the seasonally adjusted unemployment was down to 4.1 per cent for males from a revised rate of 4.2 per cent in April 2023 and May 2022.

It also down to 3.4 per cent for females from a revised rate of 3.5 per cent in April 2023, and a rate of 4.2 per cent in May 2022.

At 6.9 per cent for people aged 15–24 years the youth unemployment rate is down from a revised rate of 7.7 per cent in April 2023.

For those aged 25-74 it is unchanged at 3.3 per cent from a revised rate in April 2023.3.

Commenting on Wednesday's release, Conor Delves, statistician in the Labour Market Analysis Section, said: “The seasonally adjusted unemployment rate for May 2023 (for everyone aged 15-74 years) was down to 3.8 per cent from a rate of 3.9 per cent in April 2023, and down from a rate of 4.2 per cent in May 2022.

The seasonally adjusted number of people unemployed was 103,300 in May 2023, compared with 106,500 in April 2023.  There was a decrease of 8,700 in the seasonally adjusted number of persons unemployed in May 2023 when compared with a year earlier.

The seasonally adjusted number of males unemployed was down to 60,000 in May 2023, compared with 61,200 in April 2023. In May 2023 the seasonally adjusted number of females unemployed fell to 43,300 from the 45,400 observed in April 2023.