New figures from the Central Statistics Office show that the number of people unemployed rose marginally in October.
When adjusted for seasonal factors, the unemployment rate moved up to 4.8% in October from 4.7% in September. This compares to a rate of 4.5% in October last year.
Today’s CSO figures show that the seasonally adjusted number of people unemployed was 132,800 in October, up 2,700 from September.
The percentage of unemployed men was 5% compared to 4.9% in September, while the percentage of women who were unemployed was unchanged at 4.5%.
The jobless rate for those aged 25-74 was 3.6%, up from 3.5% in September, while the youth unemployment rate was unchanged at 12.5%.
Previous CSO figures had put the jobless rate near record lows of between 4.1% and 4.3% all year, but changes today amended the rate to 4.5% in August and 4.4% in both June and July.
Jack Kennedy, senior economist at Indeed, said that despite the rising unemployment figures, there was no major cause for concern just yet.
“Irish job postings on Indeed remain 25.5% above pre-pandemic levels as of the end of October, although this is down from 27% at the end of September and down from 65% above pre-pandemic levels in February 2022,” Jack Kennedy noted.
He also said that Irish wage growth data showed a rise to 4.1% year-on-year in September, up from 3.7% in August, most likely driven by ongoing recruitment difficulties in key sectors such as engineering, construction and financial services.
The economist noted that wage growth in Ireland is likely to remain flat in the near to medium term.
“The Budget 2024 measures should improve sentiment among employees once the full impact of the changes hits pay packets and energy credits take effect at a time when energy costs are already reducing,” he added.