Ongoing reduction in Unemployment Figures must not lead to Complacency

It is great to see the continued reduction in monthly unemployment figures released by the CSO today (3/11/2015). The month-on-month drop of 0.1% has led to a year-on-year drop of 1.3%. This further reduction in the unemployment rate to 9.3% is a welcome move in the right direction. Unemployment is now down 6% from its high in 2012.

We welcome these figures as they demonstrate that we continue to incrementally erode our unemployment rate. However, the rate of reduction also reminds us that we cannot afford to become complacent. As we move closer to the ultimate goal of full employment, it will be become increasingly difficult to effectively reduce the unemployment rate. At Chambers Ireland we identify two areas that must be addressed if we are to make progress in this regard. Ireland has significantly high levels of jobless households, which at 23.4% the rate is currently twice the EU average. Youth unemployment also remains a concern. At a rate of 19.3% this is twice that of the wider population.

Training and re-skilling programmes that can demonstrate successful outcomes and value for money should continue to be supported, and Government must commit to ensuring that we have flexible labour market regulations that will ensure that all those who wish to take up employment can do so.