Employment Hits Record High as Labour Force Grows
Employment in the country has reached a new all-time high, according to the latest figures from the Central Statistics Office (CSO). The Labour Force Survey for Q3 2024 reports an employment rate of 75.3% for people aged 15-64, the highest since the series began in 1998. This marks a 1.1 percentage point increase from the 74.2% recorded last year.
Employment Figures
The total number of people employed in Q3 2024 was just under 2.8 million, a 3.7% rise (or 98,600 people) compared to the same period last year. Weekly hours worked increased by 2.9%, reaching 85.9 million hours—up by 2.4 million hours.
Of those employed, 585,700 worked part-time, with 21.8% classified as underemployed, meaning they desired more hours for additional pay.
Unemployment Rates
Unemployment saw a slight decline, with 129,500 people aged 15-74 unemployed in Q3 2024, resulting in an unemployment rate of 4.5%, down from 4.6% last year.
Long-term unemployment (unemployed for 12 months or more) also decreased, with 27,100 people in this category, 4,200 fewer than the previous year. The long-term unemployment rate dropped from 1.1% to 0.9%.
Youth unemployment (ages 15-24) fell to 11.5%, down from 12.3% in 2023, with the total number of unemployed youth decreasing by 900 to 45,300.
Sectoral Trends
The largest employment growth occurred in professional, scientific, and technical activities, which added 21,400 jobs. Despite challenges in the hospitality sector, accommodation and food services recorded a notable increase of 16,900 jobs, a 9.2% rise year-on-year.
In contrast, the administrative and support services sector experienced the biggest decline, losing 8,300 jobs.
Hours worked by sector also varied:
- Accommodation and food services saw the largest rise, with an additional 700,000 hours worked.
- Administrative and support services recorded the biggest drop, with 300,000 fewer hours worked.
These findings highlight the resilience of the labor market, with gains across multiple sectors and continued improvements in employment and unemployment metrics.