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Marginal fall in unemployment rate in October - CSO

There has been a decrease of 24,900 in the unemployment figures since October last year
There has been a decrease of 24,900 in the unemployment figures since October last year

The number of people unemployed dropped marginally in October, with the latest rate standing at 9.3%.

The unemployment rate was down 0.1% from the September figure of 9.4%, and fell from 10.6% in October 2014.

The latest statistics from the Central Statistics Office show that the seasonally adjusted number of people unemployed in October was 203,000, a decrease of 1,900 when compared with the September figure.

There has been a decrease of 24,900 in the unemployment figures since October last year.

At the end of October the unemployment rate among men was 10.3% (down from 10.5% in September), while the figure was 8.1% for women (unchanged from September).

The number of men unemployed in October was 123,300 (down 2,100 on September), with the figure for women stood at 79,800, an increase of 300 from September.

Meanwhile, the seasonally adjusted youth unemployment rate (for people aged 15-24) was 19.7% in October 2015, a fall of 0.7% on the September figure.

Commenting on the figures, Economist with Merrion Economics Alan McQuaid said: "While migration has played a factor in bringing the jobless rate down from its peak of over 15% during the financial crisis, there is more to it than just that, with clear evidence of a sharp rise in employment in the past couple of years.

"Labour market conditions continue to strengthen. Consecutive gains in employment have been recorded over the ten quarters to the middle of this year, with some 130,000 additional jobs created since the low-point reached in mid-2012," he added.

ISME CEO Mark Fielding said: "It is evident from today's figures that job creation has slowed and needs to be reinvigorated.

"The recent Budget gave absolutely no incentive to create jobs and in fact has had the opposite effect. The imminent minimum wage increase and rising wage pressures have stalled job creation among SMEs."

Today's figures are a relatively new set of statistics from the CSO and are designed to provide more detailed and timely labour market statistics.

The CSO said the new series contains both monthly unemployment rates and unemployment volumes and is in line with international practice.