Welcome to the Moving2Ireland Jobs Market Report for May, 2019.
The Irish seasonally adjusted unemployment rate stood at 5.4 percent in April 2019, unchanged from the previous month. It remains at the lowest level since February 2008, as unemployed persons decreased by 1,700 to 129,700.
The significance of this milestone should be not underestimated, as it means that, for the second month in a row, unemployment in Ireland remains at its lowest rate in over a decade. Crucially, the 5.4 percent figure is also the lowest since the 2008 economic crisis that saw hundreds of thousands of Irish people leave the country in search of a better life abroad.
The seasonally adjusted number of persons unemployed was 129,700 in April of 2019, down from an upwardly revised 131,400 in March and a decrease of 10,200 when compared to April of 2018.
The unemployment rate for males was recorded at 5.2 percent, down from 5.4 percent in March and compared to 6.0 percent a year earlier; while for females it remained at 5.5 percent in April, unchanged from March and below the 5.7 percent rate seen in April 2018. The number of males unemployed fell by 2,200 from the previous month to 68,200, and that of females dropped by 500 to 61,500.
The youth unemployment rate went down to 12.8 percent in April from an upwardly revised 13.5 percent in the previous month.
Unemployment Rate (as a percentage) in Ireland May 2018 – April 2019
50,000 new jobs expected for Ireland in 2019 as unemployment looks set to fall further
The forecast for the Irish economy remains very strong despite the ongoing, and seemingly never-ending, Brexit chaos that continues to permeate local, national, and international news cycles. To this end, Ireland’s Minister for Finance, Pascal Donohoe has stated that he expects an additional 50,000 jobs to be created in the Irish economy this year, driving employment to new record levels.
Donohoe made the announcement following the Irish government’s latest Stability Programme Update in April. And despite a slightly lower calculation than was initially expected in an equivalent budgetary prediction from Autumn 2018, the outlook remains largely positive. As Minister for Finance, Donohoe expects the Irish government to run a modest budget surplus of 0.2 percent of GDP in 2019, on foot of larger-than-expected corporation tax receipts in the final quarter of last year.
Speaking on the issue, the Fine Gael TD from Dublin Central had this to say:
“We have an economy that is growing at a strong pace, but this is a pace of growth that is very different to the rate of growth our economy experienced in the immediate period after the crash.”
He later added that:
“What we are now seeing is our economy grow at a rate that, if and when we sustain that over time, has the ability to continue to make a really significant difference to the living standards of our citizens, and in turn provide the resources to continue to make progress on the need to invest in homes and in the future of our country.”
This is a prediction that we will continue to monitor closely in future job reports.