| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy

Finfacts changes from 2015


How to use our RSS feed

Follow Finfacts on Twitter

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Global Cost of Living

Irish Tax - Income/Corporate




Content Management by interactivetools.com.

News : Irish Economy Last Updated: Mar 2, 2015 - 7:33 AM

Irish economy adds 29,000 jobs in 2014; Labour force down 10,500; Broad jobless rate 19%
By Michael Hennigan, Finfacts founder and editor
Feb 25, 2015 - 11:56 AM

Email this article
 Printer friendly page

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.

Irish Economy: Only 8% of 90,000 jobs added in 2013/14 in Industry/ ICT sectors

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.

CSO report

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.

Ireland: Government explains how it fiddled recession jobs data to produce a 2018 full employment target

Irish Boom & Bust: Could conventional wisdom be fooled again?

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.

Looking forward to 2015, the flow of jobs related to foreign direct investment remains strong and companies are still indicating that they are hiring workers at a rapid pace. We expect the headline unemployment rate will fall below 10% in early 2015, perhaps in the first quarter of the year.

The unemployment rate fell to 10.4% in the final quarter of 2014 and to 10.3% in January. The non-seasonally adjusted unemployment rate declined to 9.9% in the final quarter of 2014. The long-term unemployment rate fell to 5.7% (over 360 days unemployed) in Q4 2014, down sharply from 7.2% one year ago.

There was another strong quarter of employment growth in Q4 – a 0.5% gain on the quarter, up 1.5% on the year. Aggregate employment growth slowed slightly in 2014, held back by public sector job cuts. Private sector jobs grew by a rapid 3.2% annual pace in Q4. Also, full-time employment grew by 2.7%, offset by a 2.3% decline in part-time work. Data for the first three quarters show average hours per work up 0.5% in 2014, reflecting the rotation into full-time work. So the underlying picture is that labour market conditions are improving more quickly than the headline jobs growth figures suggest."

Related Articles

© Copyright 2015 by Finfacts.ie

Top of Page

Irish Economy
Latest Headlines
Finfacts launches new news site
Irish Farmers & Milk Prices: 'Shackles' off in April; Demanding safety-net in August
Irish pension managed funds returns at over 12% year-to-date in 2015
Irish chartered accountants' salary packages surge 13% in 12 months
Irish services PMI fastest rate since late 2006; Official data up only 2.4% in 12 months
Irish Economy: Tax €893m above target in year to July — €653m from corporation tax
Fact and Fiction: Time to review Ireland's economic statistics?
Irish M&A deals H1 2015: Dutch or UK firm acquires Irish firm for €32.6bn - they are both American
Irish manufacturing PMI strong in July
Irish Economy: Fall in GNP in Q1 2015; GDP rises
Irish Economy 2015: Central Bank lauds strong recovery; Time to start paying down debt
Irish Budget 2016: Ibec demands 20 tax cuts, spending and investment rises
Low pay in Ireland; Lowest social security & corporate taxes in Europe
Ireland vs Greece: Enda Kenny's false claims on growth, taxes and debt
Irish standard of living in 2014 below Euro Area average, Italian level; Prices 5th highest in EU28
Irish goods exports rose a record 30% in April - due to fake tax-related transactions
Mexican tall ship to sail into Dublin on June 17th
Irish industrial production up 20% in first four months of 2015; Construction down 2.6% in first quarter
Irish Economy 2015: ESRI slams return to boom-time pro-cyclical fiscal policy
Irish pension fund returns in average range 1.6% - 1.8% in May 2015
Irish service sector PMI remains strong; Tax avoidance clouds data
Ireland: Official unemployment rate at 9.8% in May; Broad rate at 19% — 440,000 people
Ireland: Fiscal Council warns of dodgy forecasts, no plan; OECD warns of new property bubble
Irish Public Finances: Tax revenue in first five months of 2015 €734m ahead of target
No simple measure of economic progress in Ireland: GDP & GNP defective
Irish manufacturing PMI rises in May; Production up unbelievable 45% in year to March!
ESRI says data volatility hinders Irish economic forecasting; Tax avoidance taboo cause
Ireland at 16 in international competitiveness ranking; US, Singapore and Hong Kong on top
Irish Economy 2015: Sectors to add 200,000 jobs?; Broad jobless rate at 19%
Irish Export Performance: Myths and reality - Ireland is a poor exporter
Irish Economy: 41,300 jobs added in 12 months to Q1 2015 - Construction up 19,600
China-Ireland: Economic relationship on a slow burn
Estonia, Austria, France, Ireland head global alcohol rankings
Irish Exchequer Returns: Tax receipts under target in April but ahead in year
Irish service sector PMI rose in April
Irish manufacturing PMI remained strong in April- includes overseas manufacturing
Irish Live Register + 90,000 activation scheme numbers at 439,000 in April
Ireland: Coalition drops 2018 full-employment target
Ireland Spring Statement: Noonan promises 200,000 net new jobs by 2018
Irish Economy 2015: Retail sales volume up 1.4% in month of March