Ireland’s employment rate has reached a historic high, according to the latest data from the Central Statistics Office (CSO), marking a continued recovery in the labor market. The Labour Force Survey for the third quarter of 2024 reveals that the employment rate for people aged 15-64 has hit 75.3%, the highest since the series began in 1998. This represents a 1.1 percentage point increase from the 74.2% recorded in the same period last year.
The figures also show a robust rise in employment numbers, with an estimated 2.8 million people employed in the third quarter, an increase of 3.7% or 98,600 individuals compared to 2023. The total number of hours worked also saw a notable rise, up 2.9% or 2.4 million hours, to a total of 85.9 million hours worked per week.
While the growth in employment is encouraging, part-time work remains significant, with around 585,700 individuals working part-time. Among them, 21.8% were classified as underemployed, meaning they would like to work additional hours for higher pay.
The unemployment rate in Ireland stands at 4.5%, slightly lower than the 4.6% recorded a year ago. The number of unemployed people aged 15-74 is estimated at 129,500, and the rate of long-term unemployment has continued to fall, with just 27,100 individuals unemployed for 12 months or more—down by 4,200 from last year. The youth unemployment rate, for those aged 15-24, is also improving, dropping to 11.5% from 12.3% last year, with a decrease of 900 young unemployed people.
The report also highlights sector-specific trends. The largest increase in employment came from professional, scientific, and technical activities, which saw an uptick of 21,400 jobs. The accommodation and food services sector, despite recent restaurant closures, recorded a notable annual increase of 9.2%, adding 16,900 jobs.
However, not all sectors have seen positive growth. The administrative and support service activities sector experienced the largest employment decrease, with a loss of 8,300 jobs. This sector also saw the biggest drop in hours worked, with a reduction of 300,000 hours.
The continued rise in employment, combined with the growth in working hours, signals a strong labor market recovery, although challenges such as underemployment and sector-specific fluctuations remain.
