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Unemployment hits new post-crash low of 7.8%

Unemployment has fallen to a new post-crash low of 7.8% as conditions in the jobs market continue to improve. The latest official figures show the number of workers classified as unemployed fell by 1,500 to 169,700 in May. This equated to an annual decrease of 38,300 or 1.8%.

The State’s headline rate of unemployment now stands at an eight-year low of 7.8%, down from 7.9% the previous month and 9.6% a year ago. The last time the State’s jobless rate hit this level was in October, 2008.

The figures also show that youth unemployment, which stood at 20.8% just 12 months ago, has now fallen to 15%.

Having had one of the highest jobless rates in Europe only a few years ago, Ireland’s unemployment rate is now well below the euro zone average of 10.2%.

The CSO’s unemployment estimates are based on the Quarterly National Household Survey but take into account changes to the Live Register.

The figures show the number of males categorised as unemployed in May was 109,200, down 1,600 on the previous month, while the number of females unemployed was unchanged at 60,400.

CSO reports

Irish Times