There was an annual increase in employment of 1.5% in the Irish economy, or 29,100 in the year to the fourth quarter of 2014, bringing total employment to 1,938,900. This compares with an annual rise in jobs of 1.5% in the previous quarter and an increase of 3.3% in the year to Q4 2013. The labour force including the unemployed fell by 10,500 and the broad jobless rate dropped to 19%.
The CSO said that the increase in total employment of 29,100 in the year to Q4 2014 was represented by an increase in full-time employment of 39,600 (+2.7%) and a decrease in part-time employment of 10,500 (-2.3%).
The number of full-time employee positions rose by 42,000 and is down 229,000 from Q1 2008.
Unemployment fell by 39,600 (-15.6%) in the year to Q4 2014 bringing the total number of persons unemployed to 213,600 according to the International Labour Organisation's standard unemployment rate. This is the tenth quarter in succession where unemployment has declined on an annual basis.
The long-term unemployment rate fell from 7.2% to 5.7% over the year to Q4 2014. Long-term unemployment accounted for 57.8% of total unemployment in Q4 2014 compared with 61.4% a year earlier and 59.9% in the fourth quarter of 2012.
The total number of persons in the labour force in the fourth quarter of 2014 was 2,152,500, representing a decrease of 10,500 (-0.5%) over the year. This compares with an annual labour force increase of 19,600 (+0.9%) in Q4 2013. The number of persons not in the labour force in Q4 2014 was 1,449,300, an increase of 15,000 (+1.0%) over the year.
The total labour force includes the unemployed and the participation rate fell to 59.8% from 63.5% in Q1 2008 — this reflects factors including net emigration.
The broad jobless rate includes the 213,600 officially unemployed; 115,500 in part-time work seeking full-time work and 86,000 in public activation schemes.
Irish Economy 2015: January Live Register + schemes at 446,000 - broad jobless rate at 21% — information on the broad jobless rate here. The rate of 21% was based on an estimate.
Conall Mac Coille, chief economist at Davy, commented: "Today's QNHS data provide more good news on the Irish labour market. The unemployment rate has been revised down to 10.3% in January following another strong 0.5% jobs gain in the final quarter of 2014. The rotation into full-time work and strong 3% growth in private sector employment mean that the underlying improvement in the labour market was stronger than the 1.7% jobs growth in calendar year 2014 indicates.
© Copyright 2015 by Finfacts.ie