Unemployment rate steady in May at 4%, CSO data shows

New figures from the Central Statistics Office show that the unemployment rate for May was 4%, unchanged from the previous month.

On an annual basis, the seasonally adjusted unemployment rate fell to 4% in May from a revised rate of 4.2% the same time last year.

The seasonally adjusted number of people unemployed was 111,700 in May, compared with 111,800 the previous month. That is down 3,700 on the same month last year.

The unemployment rate for men was 3.8%, while it stood at 4.1% for females.

In terms of age, the monthly youth unemployment rate, for people aged 15-24 years, fell to 7.7%, from a revised rate of 8.1% in April.

Meanwhile, the monthly unemployment rate for people in May aged 25-74 years did not change from the revised rate of 3.4% the previous month.

Andrew Webb, Chief Economist at Grant Thornton Ireland said today’s unemployment figures, coupled with yesterday’s interest rate reduction will add further to a renewed sense of economic positivity for the second half of the year.

“Forecasters are lifting their expectations for growth now that inflation appears to be under control,” he said.

“The latest statistics for the economy show that improvements in trade performance and consumer spending are contributing to growth again.

“The economic mood is more upbeat heading into the second half of 2024,” he added.