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The rate of unemployment measures the percentage of people who are not in work, but who are available for and actively seeking work.
It is generally accepted that zero unemployment is unlikely, even when an economy is operating at full capacity. This is due to various factors such as availability of job information, skills and education and the degree of labour mobility. For this reason, a full rate of employment is generally considered to exist when unemployment is around 4% in an economy.
Unemployment Rate %
Source: CSO – Labour Force Survey
Long Term Trends
The Irish economy continues to perform well and this is reflected in the employment numbers. As of the end of first quarter 2018, there are now 2,220,500 people employed in the Irish economy. The latest figures available at the time of finalising this release indicate that the seasonally adjusted unemployment rate for the EU-28 for April 2018 was 7.1% compared to the revised seasonally adjusted monthly unemployment rate of 5.4% for Ireland for the same period.