The seasonally adjusted unemployment rate in September 2016 stood at 7.9%, the lowest rate in 8 years. To put this headline figure in context one needs to look at unemployment rate in Ireland over the past 40 years.
In December 1985, unemployment hit an all-time high of 17.3%. Seventeen years later, in January 2012, unemployment levels were again depressingly high at 15.2%, after one of the most dramatic economic crashes to befall any nation. Since 2012, the unemployment rate has fallen steadily and is now amazingly under 8%. The lowest unemployment rate ever was recorded back in December 2000, when the unemployment rate was a mere 3.7%.
In September 2016, the average unemployment rate amongst males was 9.2% whereas the unemployment rate amongst females was much lower at 6.4%. However, youth unemployment remains stubbornly high at 15.9%.
In the period of four years, what has happened in terms of economic growth and reduction in unemployment numbers, for any economy, is nothing short of remarkable.
