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April

15

2016
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The Declining Unemployment rate…

posted by Roisin McNamara on 15th April 2016

We received good news this week on the employment rate for Ireland. This is great news for job seekers in Ireland. If you’re looking to change your career and find a new job then the market may well suit you. There are more jobs opportunities on the market so whether it’s Galway, Cork, Dublin or other parts of the country you’re looking for employment in, more opportunities are becoming available.

The jobless rate fell below 9 percent for the first time since 2008 to 8.9% in October of this year. The employment rate for Ireland has been at its lowest level since December 2008, as the number of unemployment continues to fall. In 2014 the rate was 10.7%.

Youth unemployment rate was recorded at 19.7 percent, down from 20.4 percent in September and hitting its lowest value since January 2009.

When compared to the same period in 2014, average weekly earnings for all workers were up a fraction, but still below the figure for the first three months of 2012.

However in a promising sign, the CSO’s survey showed the overall job vacancy rate was at its highest point since before the financial crisis. Last year the economy grew 4.8% – nearly four times the Eurozone average – although total output is still below the 2007 peak.

The key point is the slowdown in the unemployment rate reductions. Over 2012, average monthly rate of reduction in unemployment was 0.083%, this rose to 0.153% average over 2013 and 0.167% over 2014. So far, over 7 months of 2015 the average monthly rate of unemployment rate decline was 0.071%

Most industries have seen employment grow over the past year, notably manufacturing (+14k) and construction (+15k), with the latter total now at 127k from a cycle low of 96k, although still a long way from the cyclical peak of 274k.

Financial services saw one of the few declines, alongside retail, but the general picture is of an economy in which the growth of domestic spending is translating into robust demand for labour.

The labour force  is also responding to the changed environment, there are a number of people returning from abroad to settle back in Ireland with new skills and knowledge.

 

It has been said that the general public did not perceive a recovery in the Irish economy ,in part due to the absence of employment creation. However that has well and truly changes and with the tightening labour market it is likely to generate general upward pressure on wages, which is already appearing in certain sectors of the economy.

 

If you are interested in hearing about job opportunities call CCP Recruitment now on 091 730022 or email your cv to info@ccprecruit.ie