Unemployment figures released by the CSO on 4th August show that the number of people out of work fell by 900 in July and fell by 36,000 in the past 12 months.
The Central Statistics Office puts Ireland's unemployment rate currently at 4.5%.
The monthly figures represent an overall monthly unemployment rate of a 4.1% decrease for men and an unchanged rate of 4.3% for women.
The data indicates that the seasonally adjusted number of people unemployed was 113,000 in July 2022, compared with 113,900 in June 2021.
The figures in this series are impacted by outside sources this month, according to the CSO, as the Department of Social Protection is providing Working Age Income to support people arriving in Ireland from Ukraine.
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This scheme has impacted on the number of unemployed people in the country in this period.
CSO figures reveal that the employment for people aged under 25 years stands at a rate of 10.9%, indicating that this demographic may not have fully recovered from the impact of the pandemic.
This rate is in contrast to the 3.1% unemployment rate for people aged between 25-75 years.
CSO statistician John Mullane said at the release "the seasonally adjusted number of people unemployed was 113,000 in July 2022, compared with 113,900 in June 2021.
"The number of males unemployed was 58,200 in July 2022, compared with 59,600 in July 2021. The number of females unemployed in July 2022 was 54,800, compared with 54,300 in July 2021.”
These job figures are backed up by recent research from Indeed where the study found that the unemployment rate was 4.2% in July, down from 4.3% in June this year.
The study also indicated that the unemployment rate has dropped from 5.8% when compared with the same time last year.
Jack Kennedy, economist at global job site Indeed, commented on the latest CSO data, saying “The rate of unemployment fell to 4.2% in July. Last month the ESRI upgraded its already positive employment outlook and is now predicting the rate of unemployment will fall to 4% next year.
"The Central Bank of Ireland published research last month to show that households anticipate average inflation of 10% over the next year.
"Recent Indeed research shows that whilst employers’ hiring demands have eased in recent weeks, as concerns about a slowdown in economic growth have risen, employers are still actively hiring, with the level of Irish job postings on Indeed up 60% on 22 July 2022, compared to 1 February 2020.
"IBEC forecast an unemployment rate averaging 4.5% next year.”
This IBEC forecast was made in their quarterly economic outlook when the unemployment rate was forecasted to drop and employment was forecasted to grow by 22,000 in 2023.
Despite this forecasted growth, it is at a much slower pace than in previous years indicating that the labour market could be slowing down.
