World Economy

Ireland Joblessness at 11-Year Low

Ireland Joblessness at 11-Year LowIreland Joblessness at 11-Year Low

Ireland’s unemployment rate has fallen to a new post-crash low of 5.1%. The rate for June was the lowest jobless rate recorded in the republic since October 2007 just prior to the financial crisis, RTTNews reported. Unemployment has fallen more sharply than the department of finance anticipated. In its recent Summer Economic Statement, the department had forecast an average rate of 5.8% for 2018, albeit this was before a substantial downwards revision by Central Statistics Office’s in May. The latest official figures indicate the seasonally adjusted number of persons unemployed was 120,200 in June, down from 123,100 the previous month. On annual basis, unemployment has fallen by 34,300. Unemployment has fallen by more than 10% from its post-crisis peak of 15.9% in December 2011. The turnaround means Ireland’s jobless rate is now 3% lower than the eurozone average of 8.5%. The figures show the seasonally adjusted unemployment rate for men was 5.1%, down from 5.2% in May and from 7.2% in June 2017, and 5.2% for women, down from 5.9% a year ago.


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