Unemployment rises again as labour market shows signs of softening

The State’s unemployment rate rose again in November suggesting the labour market is softening in the face of slowdown internationally and as households and businesses absorb the impact of higher interest rates.

Central Statistics Office (CSO) figures show the seasonally adjusted unemployment rate for November was 4.8 per cent, up from 4.7 per cent in October, and a low of 4.1 per cent earlier in the year.

The 4.8 per cent rate for November, which is still low by historic standards, corresponded to 132,700 individuals and an annual increase of 12,600, the CSO said.

The rate of youth unemployment rose to 12.8 per cent in November up from a revised rate of 12.6 per cent the previous month.

The seasonally adjusted number of males classified as unemployed rose to 72,300 in November, compared with 72,200 in October while the seasonally adjusted number of women unemployed increased by 800 people over the month to 60,400.

CSO national accounts last week showed the Irish economy contracted by 1.9 per cent in the third quarter in GDP (gross domestic product) terms on the back a continuing fall-off in exports.

The downturn was linked to a decline in multinational exports. In terms of modified domestic demand, the CSO’s preferred indicator for the domestic economy, growth in the third quarter was flat.

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