The ESRI has predicted the net creation of 100,000 extra jobs by 2016, bringing the unemployment rate down to 8.4% as a result of the economy growing by 4.2% in 2015 and by a further 3.5% in 2016.
The ESRI also predicts that consumer expenditure will increase by 2% in 2015 and by a further 2.4% in 2016 resulting in job creation in Irelands manufacturing, FMCG and retail sectors as a result of in an increase in domestic demand.
There will also be extra demand for labour in Ireland’s export led sector as exports are forecast to increase by 5.1% in 2015 and by a further 4.5% in 2016. Export led companies will need to ramp up their manufacturing to meet this extra demand. With increased production and expansion comes an increased demand for labour.
Investment in the Irish economy is set to increase by 12.5% in 2015 and by a further 9.2% in 2016. This increase in investment at a micro business level will ensure continued growth in employment at a macro level.
How will all this combined good news effect employment at a macro level?
In 2014, there were 1.91m people in employment in the Irish labour market. Net job creation in 2015 is forecast at 47,000, which will bring this figure up to 1.96 and reduce the unemployment rate from 11.3% in 2014 to 9.6% in 2015. In 2016, a net 53,000 new jobs will be created in the Irish economy, which will bring the amount of people at work to just over the 2m mark and the unemployment rate down to 8.3%. The last time the number of people in employment in Ireland exceeded the 2m mark was back in 2008, when 2.1m people were registered as being in employment in the Irish labour market.
The May figures represent a six year low in regards unemployment and it is actually the first time in seven years that Irelands unemployment rate has fallen below 10%.
Between this year and next, a net 100,000 extra jobs will be created in the Irish economy (Source; ESRI). This is fantastic news for job hunters and those seeking new opportunities or a change in career.