Number of people in employment hits nearly 2.8 million

Irish Labor Market Shows Resilience in Fourth Quarter

Ireland’s labor market demonstrated continued strength in the fourth quarter of 2024, according to the latest figures from the central Statistics Office (CSO). Despite a slight quarterly decline in employment, the overall number of people in work increased year-on-year, reaching nearly 2.8 million. This represents a 2.6% jump compared to the previous year.

Employment Rate Climbs, Unemployment Drops

The employment rate stood at 74.3%, a rise of 0.3 percentage points compared to the same period in 2023. This positive trend is reflected in the decreasing unemployment rate, which fell to 4% in the fourth quarter, down from 4.2% the year before. The CSO reported 116,100 people were unemployed during this period.

Sectors Driving growth

The CSO data highlights key sectors contributing to employment growth. Human health & social work activities saw the most significant increase, adding 17,200 jobs, a 4.7% surge.Other areas experiencing growth include construction and data & interaction.

Adjustments in Other sectors

While some sectors flourished, others witnessed contractions. Wholesale & retail trade, repair of motor vehicles & motorcycles experienced the largest decrease, shedding 17,300 jobs, or 5% of its workforce. Administrative & support service activities also saw a decline in employment.

Significance of Labor Market Strength

“This growth in employment is a positive indicator for the Irish economy,” said an economist specializing in labor market trends. “It suggests a resilient economy with increasing demand for labor across various sectors. Though, it’s critically important to monitor the changing dynamics within sectors and address potential skill gaps to ensure sustainable growth in the long term.”

Understanding these trends is crucial for both businesses and individuals.Employers can leverage this information to make informed hiring decisions and invest in workforce advancement initiatives. Individuals can explore opportunities in growing sectors and acquire the skills needed to thrive in the evolving labor market.

How does Ireland’s focus on tech and digital services, as highlighted by the growth in data & details processing, impact its economy and future job market?

Archyde News Interview: Navigating Ireland’s Resilient Labor Market with Expert Economist Aoife Finnerty

We sat down with esteemed economist Aoife finnerty, prominent in Irish labor market trends, to unpack the latest CSO data reflecting the republic’s robust economic landscape. Finnerty offered valuable insights into the sectors pulling the economy forward and those experiencing contractions, providing guidance for businesses and individuals navigating the jobs market.

Aoife Finnerty on Ireland’s Strong Employment Figures

Archyde: Aoife, the CSO reported a year-on-year increase of nearly 2.8 million employed individuals in Ireland’s fourth quarter of 2024. what’s driving this growth?

Aoife Finnerty: Thank you for having me. The growth we’re seeing is indeed driven by several key sectors. Notably, human health & social work activities, construction, and data & information processing have seen considerable job increases. This reflects broader economic trends and the government’s investment in these areas.

Expanding on Sector-Specific Trends

Archyde: Can you delve deeper into these sectors’ success and the challenges faced by struggling sectors like wholesale & retail trade and administrative & support services?

Aoife Finnerty: Certainly. The growth in human health & social work is likely tied to an aging population and increased demand for social care services. Construction‘s resurgence signals confidence in the property and infrastructure markets.Simultaneously occurring, data & information processing reflects Ireland’s push towards tech and digital services.

Meanwhile,sectors like wholesale & retail and administrative services might be feeling the impact of technological disruption and changing consumer behavior. However, these areas still employ a important number of people, so it’s crucial we support reskilling and adjustment to these new realities.

The Road Ahead: Upskilling and Adaptability

Archyde: The labor market is evolving quickly. What advice would you give businesses and individuals to stay ahead?

Aoife Finnerty: Businesses should stay tethered to these trends, investing in skills development and fostering agility. Individuals should proactively update their skillsets to match growing demands. Continuous learning and adaptability will be our collective superpowers as we navigate this ever-changing landscape.

Thoughts on Ireland’s Economic Resilience

Archyde: Despite the global economic uncertainty, Ireland’s labor market remains strong. What makes you optimistic about its resilience?

Aoife Finnerty: Ireland’s diversified economy,robust public finances,and strong international connections bode well for resilience. Moreover, our ongoing investment in education, research, and innovation sets us up well for long-term growth.

But we must not be complacent. Stemming regional inequalities, addressing skill shortages, and maintaining competitiveness will be key to sustained success.

Aoife finnerty is an economist specializing in labor market trends,with extensive experiance in policy and research. Her insights are invaluable in understanding and navigating ireland’s dynamic jobs market.

Labor Market, Economy, Ireland