New CSO Figures Show Unemployment rate falls to 7.7% in October

New figures hailed by the Government show yet another fall in unemployment, while the level of youth unemployment is still double the overall national figure this is a strong indicator the economy is on track.

Latest Figures released by the CSO show the seasonally adjusted number of people who were unemployed in October was 168,800, down from 173,200 when compared to Septembers figure and a decrease of 29,700 when compared to October last year.

Overall this represents a reduction in the unemployment rate from 9.2% in October 2015 to 7.7% last month.
The downside is the youth unemployment rate remains at almost double the total rate, latest figures are showing the number of 15-24-year-olds out of work at 15.1% last month, compared with 20.9% a year ago.

The National Youth Council of Ireland said a rate of youth unemployment at over 15% was almost double the rate pre-crash and not acceptable.

Commenting its deputy director, James Doorley, said: “While we welcome the small reduction in youth unemployment, at over 15% the figure is still too high, and well above the pre-crisis rate of 8%-9%.
“We need to ensure those young people that are long-term unemployed in particular do not get left behind as the economy improves. “We should take this as a timely reminder that Government needs to intensify efforts to address youth unemployment, and in particular to step up implementation of the Youth Guarantee Scheme.
“The Youth Guarantee is designed to ensure that any young person unemployed for four months or more is guaranteed a quality education, training, or work experience place.”

Social Protection Minister Leo Varadkar said the latest figures were “proof positive that the economy is still on track, notwithstanding concerns about the impact of Brexit and other matters”.

Mr Varadkar said the target now was to bring unemployment down to between 5% and 6% and long-term unemployment to 2.5% by 2020.

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