DAVY VIEW

The news that Ireland’s unemployment rate was steady at 4.4% in October, following encouraging data on income tax receipts, is a reassuring sign that the labour market remains strong. This follows PMI surveys and other indicators pointing to softer jobs growth, albeit remaining in positive territory. We still expect Irish employment to expand by 1% in 2023, held back by the more challenging economic environment but also because labour shortages are becoming a more pressing issue.