The State’s unemployment rate has seen an unexpected decrease in February, despite global economic conditions. The rate dropped from 4.5 per cent in January to 4.2 per cent in February, an improvement equivalent to a decrease from 129,300 to 119,300 unemployed individuals. Compared to February of the previous year, the figure represents an increase of 6,500, according to the Central Statistics Office (CSO). The unemployment rate among the youth demographic also decreased, falling from 11.7 per cent in January to 10.5 per cent in February.

The latest unemployment data coincides with the publication of exchequer returns for February by the Department of Finance. These have shown an annual increase in the Government tax receipts by 5.5 per cent, reaching €12 billion. This is primarily due to the increase in income tax, which is up 6 per cent year on year. This demonstrates a thriving labour market with record employment figures of 2.71 million.

Despite global challenges such as geopolitical uncertainty, the labour market remains strong. Consumer spending has been supported by low unemployment levels, helping to support the domestic economy. However, recruiting staff could be challenging in some sectors due to a slowdown in wage growth.

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