CSO employment trends remain positive as job postings rise: Indeed Ireland
"Service-sector jobs were the biggest contributors to the rebound in job postings since early October," says Pawel Adrjan, economist at Indeed
7 December 2022
The main unemployment rate was 4.4% in November on a seasonally adjusted basis, down from a revised rate of 4.5% in October 2022 and down from a level of 5.2% 12 months ago. The seasonally adjusted number of people unemployed fell by 400 in November and fell by 19,900 in the past 12 months.
Pawel Adrjan, economist at global job site Indeed, said that the slight fall in the main unemployment rate in October, came as “the Irish labour market continued to show considerable strength despite economic headwinds and uncertainty”.
In fact, job postings on Indeed were 69% above pre-pandemic level – the highest mark seen since earlier this year.
“Low unemployment levels and a tight labour market may impact on employers’ ability to accommodate the Christmas rush as businesses remain constrained due to a lack of staff,” Adrjan said. “There are warnings of labour shortages in sectors including hospitality, retail and construction, which rely on seasonal hires to manage the surge. Whilst this is challenging for business owners, it may put employees in a strong position as wage inflation, alongside other inflationary pressures such as energy prices, is already at the forefront.
“Despite job postings being up, there is considerable variation in the strength of job posting recoveries across occupational categories. Job postings for therapy, pharmacy, personal care & home health are particularly in demand at the moment, and reflective of the pressure the healthcare sector experiences over the winter.
“Service-sector jobs were the biggest contributors to the rebound in postings since early October. Food preparation and service, retail, administrative assistance, construction and management were some of the biggest contributors to postings between 7 October and 25 November 2022. Irish postings went up 15 percentage points over this period and these categories accounted for most of that net increase.
“Earlier this month, Indeed announced a new Monthly Wage Growth Tracker, the latest data shows that wages in Ireland accelerated sharply in 2022 to reach 4.7% in October, but there are early signs that wage growth in job ads has plateaued*.“
*(Source: The monthly Wage Growth Tracker is a forward-looking indicator of both average wage growth and of the outlook for the labour market. The tracker is based on data from online job postings on Indeed in six euro-area countries (including Ireland) and the UK)