The Declining Unemployment rate…
The Declining Unemployment Rate in Ireland: More Job Opportunities Arise
Exciting news has arrived regarding Ireland's employment rate, bringing positive prospects for job seekers. If you're considering a career change or seeking new employment, the current market presents favourable conditions. Whether you're looking for opportunities in Galway, Cork, Dublin, or other regions across the country, more job openings are emerging.
In October of this year, the jobless rate dropped below 9 percent for the first time since 2008, settling at 8.9%. Ireland's employment rate has reached its lowest level since December 2008, thanks to the continuous decline in unemployment. Back in 2014, the rate stood at 10.7%.
Youth unemployment has also witnessed a decline, reaching 19.7 percent, down from September's 20.4 percent. This marks the lowest recorded value since January 2009.
Comparing average weekly earnings for all workers to the same period in 2014, there has been a slight increase, although it remains below the figures from the first quarter of 2012.
Encouragingly, the Central Statistics Office's survey reveals that the overall job vacancy rate has reached its highest point since before the financial crisis. In the previous year, the economy experienced remarkable growth of 4.8%—nearly four times the Eurozone average—despite total output remaining below the 2007 peak.
One notable aspect is the deceleration in the rate of unemployment reduction. Throughout 2012, the average monthly rate of reduction was 0.083%, which rose to an average of 0.153% in 2013 and 0.167% in 2014. So far, during the first seven months of 2015, the average monthly rate of decline in the unemployment rate stands at 0.071%.
Most industries have witnessed employment growth over the past year, particularly in manufacturing (+14k) and construction (+15k). The construction sector has rebounded significantly from a low point of 96k to 127k, although it still has a considerable way to go to reach the cyclical peak of 274k.
While financial services experienced a minor decline, along with the retail sector, the overall landscape depicts an economy where domestic spending growth translates into robust demand for labor.
The labor force is also responding to the changing environment, with a notable number of individuals returning from abroad, bringing back new skills and knowledge to contribute to Ireland's development.
Previously, it was argued that the general public did not perceive a recovery in the Irish economy, partly due to the absence of employment creation. However, this situation has undeniably changed, and with a tightening labor market, upward pressure on wages is likely to occur, already evident in certain sectors of the economy.
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