Unemployment rate falls to 4.2% as remote work opportunities persist – Indeed
The labour market remains tight despite the positive news of record participation levels especially among women (Pictured: Jack Kennedy of Indeed) (Photo by Fennell Photography)
The main unemployment rate was 4.2% in February on a seasonally adjusted basis, down from 4.5% in January and up from 4.1% in February 2023. There was an increase of 6,500 in the seasonally adjusted number of people unemployed in February 2024 compared with a year earlier.
Jack Kennedy, senior economist, Indeed, said: “In February, the main unemployment rate was 4.2%, down slightly from the 4.5% recorded for the previous two months and compared to 4.1% in February 2023.
“Despite challenges such as geopolitical uncertainty and a global economic slowdown, the labour market remains robust. Low unemployment levels have driven strong consumer spending, supporting the domestic economy amid a slowdown in multinational exports. Consumer sentiment is improving amid a sense that cost-of-living pressures are easing somewhat, although many consumers are likely to need further evidence of better days ahead before this becomes more ingrained.”
Irish job postings on Indeed remained 16% above pre-pandemic levels by the end of February, indicating ongoing tightness in the labour market despite recent decreases, Kennedy observed.
Kennedy highlighted findings from the latest Labour Force Survey, indicating a record total employment of 2.71 million at the end of 2023, representing a 3.4% increase from the previous year. He pointed out that this included a rise of 40,500 males (2.9%) and 49,200 females (4%).
Additionally, Kennedy emphasised the 2.9% increase in full-time employment, adding 58,600 jobs, and the 5.5% growth in part-time employment, which saw an additional 31,000 positions. While overall unemployment levels saw a slight rise from 4.1% to 4.2% in Q4 2023, Kennedy noted that the surge in participation, especially among women, suggests a growing number of individuals are seizing opportunities to enter the workforce and secure roles that align with their needs.
“This could be explained in part by the ongoing availability of remote, hybrid and flexible working arrangements. Research by Indeed recently showed that the popularity of remote work and the willingness of many employers to offer it post-pandemic remains at or near peak levels. As of the end of January of this year, a total of 15.4% of Irish jobs postings contained one or both terms, down slightly from a peak of 18.4% recorded during the Covid pandemic in April 2021, but above the 14.7% average recorded since the start of 2021 and well above the average of 11.0% since the start of 2019” concluded Kennedy.
