Welcome to the Moving2Ireland Jobs Market Report for August, 2019.
The number of people employed in Ireland increased by approximately 15,000 in July. Unfortunately, the seasonally adjusted unemployment rate in Ireland was 4.6 percent in July – up from 4.5 percent in June but down from the 5.8 percent in July 2018. It’s the highest jobless rate since April but still remains well below 5 percent.
The number of unemployed men rose from 61,400 to 62,000 last month while the number of females without work increased from 48,800 to 49,400 in the same period..
Ireland’s unemployment rate: July 2019
Reasons for optimism in Irish economy
Although the overall unemployment rate in Ireland increased by 0.1 percentage point in July from June, the figure remains almost three percentage points lower than the euro zone average of 7.5 percent.
Alan McQuaid, former chief economist at Cantor Fitzgerald, had this to say about July’s figures:
“While there was a slight increase in the unemployment rate this month, the current rate is an almost eleven-and-a-half percentage point improvement from the peak of 16 per cent hit in February 2012 during the financial crisis.”
Finally, the only mark in the Irish unemployment copybook in July was in terms of youth unemployment where the rate went up to 10.3 percent from 10.1 percent in June.
Positive impact of immigrants on Ireland’s economy
It doesn’t take an expert to see that Ireland’s economy is in a much better position in 2019 than it was at any point during the last decade. In fact, since the economic crash in 2008, there hasn’t been a time where employment growth and the joblessness rate have looked as healthy. One of the key reasons for this is inward migration to the country.
Unlike during the Celtic Tiger boom years where the majority of newcomers to Ireland arrived from central and eastern Europe and worked in construction or related industries, the typical immigrant arriving in Ireland in 2019 is more likely to be from Spain, Italy, Croatia or Brazil, hold a university degree and work in ICT. This distinction is important.
A breakdown of the figures from a recent CSO report illustrates how reliant some sectors of the Irish economy are on inward migration. Most notably, in 2018, almost half of the new hires in the ICT sector were migrants, 40 percent of whom had arrived with the last year. Around a third of the new jobs in accommodation and food and administration and support were filled by migrants last year, again the bulk of whom arrived here in the past 12 months.
Finally, a variety of jobs for across all strands of the health sector in Ireland attracted more than a third of all online interest from outside the EU. Other specific jobs, such as senior civil engineers and senior software engineers, also reliy heavily on interest from abroad. These indicators point to the need for greater sophistication in terms of the application and issuing of Employment Permits in Ireland, and that is something we hope to see the Department of Business, Enterprise and Innovation pay more attention to in the coming months and into 2020.