Davy Research

Irish Economy

Irish unemployment rate falls to 6.2%

DAVY VIEW

Labour market data show that unemployment fell to 6.2% in April from 6.4% in March. If the recent pace of decline persists, unemployment could be below 5% by the end of 2017; however, a broad range of indicators suggest that the labour market recovery has further to run. Employment is still 5.4% below peak; net migration is now positive; and the labour force participation rate has remained around 60% compared to a peak of 64% in 2007. Revisions to the headline numbers following the release of the Census might also change our understanding of the remaining slack in the labour market, but one thing is clear – the jobs market is currently experiencing a rapid and sustained recovery, allowing household spending to become a key driver of GDP growth in the near term.

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