Latest unemployment numbers come on back of strong growth in wider economy since lifting of Covid-related restrictions
The CSO said the seasonally adjusted number of people classified as unemployed in May was 103,300 compared with 106,500 in April. This equated to an annual decrease of 8,700.
“These latest unemployment figures continue to impress but come as no surprise given the signals from business and consumer sentiment indicators that suggest recent economic concerns are beginning to fade,” said“A slight note of caution is warranted as vacancy levels are starting to tail off, but overall, the labour market performance since the pandemic is a particular economic bright spot,” he said.
“The record figures are impressive and a sign of a strong performing Irish economy despite other pressures such as the rising cost of living,” he said. However, Mr Kennedy said a record low in the unemployment rate can create a new set of challenges as employers in certain sectors will likely have some tough hiring challenges ahead.
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