Irish economy continues to recover with unemployment at a six year low of 9.3% – TheLiberal.ie – Our News, Your Views

Irish economy continues to recover with unemployment at a six year low of 9.3%




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The Irish economy is continuing to recover with the unemployment rate falling to 9.3% last month. In September the unemployment rate declined from 9.4 per cent. This is a big improvement when compared to the 10.6% unemployment rate of October 2014.

Ireland’s jobless rate falls below the euro zone average of 10.8%. According to the latest Central Statistics Office data, the number of people unemployed fell to 203,000 last month, down 1,900 on the month before.

Alan McQuaid, chief economist with Merrion said “labour market conditions continue to strengthen. Consecutive gains in employment have been recorded over the ten quarters to the middle of this year, with some 130,000 additional jobs created since the low-point reached in mid-2012. Furthermore, employment growth remains broad-based, with increases seen in the majority of sectors monitored by the CSO.”

“With the Irish economy continuing to grow strongly in 2015, an average jobless rate of 9.6 per cent is envisaged for this year down from 11.3 per cent in 2014. We now think the figure at year-end based on these latest CSO numbers will be around the 9.2 per cent level, and falling below the 9 per cent mark in 2016,” he added.

It is forecasted that unemployment could fall to as low as 8.2 per cent next year.

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