Irish Economy 2014: The CSO reported today that net jobs in the economy grew by 27,700 in 12 months to third quarter.
There was an annual increase in employment of 1.5% or 27,700 in the year to the third quarter of 2014, bringing total employment to 1.927m compared with 2.147m before the financial crisis in in Q2 2008.
On a seasonally adjusted basis, employment increased by 10,400 (+0.5%) over the previous quarter. This follows on from a seasonally adjusted increase in employment of 4,300 (+0.2%) in Q2 2014.
The seasonally adjusted unemployment rate fell from 11.5% to 11.1% over the quarter while unemployment fell by 37,400 (-13.2%) in the year to Q3 2014 bringing the total number of persons unemployed to 245,500.
The long-term unemployment rate dropped from 7.6% to 6.4% over the year to Q3 2014. Long-term unemployment accounted for 56.7% of total unemployment in Q3 2014 compared with 58.4% a year earlier and 59.5% in the third quarter of 2012.
Net emigration by Irish nationals was 124,000 in the period 2009-2014.
The total number of persons in the labour force in the third quarter of 2014 was 2,172,400, representing a decrease of 9,700 (-0.4%) over the year. The number of persons not in the labour force in Q3 2014 was 1,423,200, an increase of 12,500 (+0.9%) over the year.
Employment increased in ten of the fourteen economic sectors over the year (excluding Not stated - see chart above) and fell in four. The largest rates of increase were recorded in the Construction (+6.7% or 7,000) and the Professional, scientific and technical activities (+5.0% or 5,600) sectors.
The greatest rates of decline were recorded in the Information and communication (-3.3% or -2,700) and Industry (-1.3% or –3,200) sectors.
The number of employees in the public sector declined by 6,000 (-1.6%) in the year to Q3 2014, bringing the total number of employees in the public sector to 370,300. The total reduction in employment in the public sector over the three years from Q3 2011 to Q3 2014 was 24,500 (-6.2%). See table A2.
The number of employees in the private sector showed an increase of 26,000 (+2.2%) over the year to Q3 2014, compared with an increase of 25,000 (+2.2%) in the year to Q3 2013. The total number of employees in the private sector increased by 67,800 (+6.0%) over the three years from Q3 2011 to Q3 2014.
See tables here.
Analysis to follow...