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Unemployment rate rises slightly to 4.2% in September

The jobless rate rose slightly to 4.2% in September from 4.1% in August, new CSO figures show
The jobless rate rose slightly to 4.2% in September from 4.1% in August, new CSO figures show

New figures from the Central Statistics Office show that the unemployment rate rose slightly to 4.2% in September from 4.1% a month earlier.

The unemployment rate has remained between 4.1% and 4.3% all year with the economy at or very close to full employment, where just about everyone who wants a job has one.

It is also close to the all-time low of 3.9% reached just over 20 years ago during the country's so-called Celtic Tiger boom.

The unemployment rate had stood at 4.4% in September last year.

Today's CSO figures show that the unemployment rate for men in September rose to 4.4% from 4.2% the same time last year, while it stood at 4% for women - down from rate of 4.6% in September of 2022.

Today's CSO figures also show that the youth unemployment rate rose to 11.9% last month from a revised figure of 11.4% in August.

The CSO said the seasonally adjusted number of people unemployed was 115,700 in September, up from 113,000 in August.

There was a decrease of 300 in the seasonally adjusted number of people unemployed in September of this year when compared with a year earlier, the CSO added.

Jack Kennedy, senior economist at global jobs platform Indeed, said today's CSO figures show that while the labour market remains tight, there are early signs of a possible softening and an easing of the pressures on recruitment.

The economist said that while this will be a welcome development for employers, it will be less so for workers looking to compensate for the rise in living costs by obtaining higher pay or finding higher paid roles.

He also noted that the number of Irish job postings on Indeed has reduced, although it remains well above pre-pandemic levels.

"As of September 29, the number of Irish job postings was down 16% year on year. Job postings remain 27% above their pre-pandemic level, but this is down from a peak of 65% above pre-pandemic levels in February 2022," Mr Kennedy said.

He also said that job postings offering remote and hybrid working remain high and have been consistently up threefold on pre-pandemic levels since February 2021.

"A total of 14% of job postings included either remote and/or hybrid terms in August of this year. This suggests that even if there is a softening in the labour market, employers may still need to offer some flexibility on in-office days to would-be employees if possible," he added.