22nd February 2024
The Q4 2023 Labour Force Survey and latest Monthly Unemployment Release show:
- employment continues to grow, with almost 90,000 jobs created in the year to Q4 2023
- total employment stands at 2.71 million, in excess of the 2.5 million target set in the Economic Recovery Plan for 2024
- regions have driven this jobs growth – Employment outside of Dublin increased by 72,400 in the year to Q4 2023 (+3.9%)
- full time employment was up 59,800 (+2.9%) year on year in the fourth quarter, while part time employment was up 30,500 (+5.5%) year on year
Labour Force Survey (LFS) results published today by the Central Statistics Office show continued growth in Ireland’s labour market, with almost 90,000 jobs created in the year to Q4 2023. Employment now stands at 2.71 million, an increase of approximately 3% over Q4 2022.
This is reflective of the success of the government’s focus on driving a labour market recovery in the aftermath of the COVID-19 pandemic, as set out in the Economic Recovery Plan. This commitment to continued employment growth has been renewed in the government’s White Paper on Enterprise, published in December 2022, which sets out the strategic direction for job creation in the years ahead.
Commenting on the figures, the Minister for Enterprise, Trade and Employment, Simon Coveney TD, said:
“2023 was an exceptional year for the Irish labour market, which finished strong in the final quarter with 2.7 million people employed in our country, another historic high. In January 2024, the monthly unemployment rate stood at 4.5%. It is encouraging to see record numbers of women availing of opportunities for employment, with female participation rates in the labour market trending upwards in recent years.
It is also promising that the geographic pattern of employment growth has been so positive, which is a testament to this government’s commitment to achieving more balanced regional enterprise development.”
The Minister for Finance, Michael McGrath TD, said:
“Today’s figures indicate the continued strength of the labour market in the fourth quarter of 2023.
“The official level of employment reached another record high of 2.71 million in the fourth quarter, with almost 90,000 jobs added in the year to Q4 and around 15,000 added in the fourth quarter alone. Almost three-quarters of our working age population are now in employment. Continuing the trend seen in recent quarters, the strong growth in employment in the fourth quarter was driven by additions to labour supply, by net inward migration and as well as increased participation.
“Notwithstanding this, today’s figures point to some easing of the tight conditions that have characterised the labour market over the past year. While the unemployment rate - at 4.5 per cent - remains low by historical standards, the increase in the rate in the second half of 2023 is in keeping with a general softening in economic conditions, with external conditions particularly challenging in the face of many headwinds. With labour demand having eased in recent months and labour supply remaining robust, the labour market now appears to be returning to a more balanced position, a welcome development that should help alleviate some of the concerns relating to overheating pressures.”
Please also find here a link to the result themselves: Labour Force Survey (LFS) - CSO
ENDS
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