Unemployment rate hits an all-time low

New figures from the Central Statistics Office today show that the unemployment rate hit an all-time low of 3.8% in May, falling just below the previous record low of 3.9% which was hit in April 2001.

Unemployment had stood at 4.2% in the same month last year.

Today’s figures show that the seasonally adjusted number of people without a job stood at 103,300 in May, down from 106,500 in April.

Senior economist at hiring platform Indeed Jack Kennedy has said “the unemployment rate was last at 3.9% between October 2000 and April 2001 – at the height of the Celtic Tiger.”

“Any rate below 4% signals that the country is at “full employment”. The rate of unemployment has never been recorded at less than 3.9% before,” the economist said.

He also said the record figures are impressive and a sign of a strong performing Irish economy despite other pressures, such as the rising cost of living.