Unemployment rate falls despite war and inflation creating period of uncertainty

Fig 1: Job postings on Indeed to 29 April 2022

"Despite the labour market uncertainty, employers are still actively hiring," says Indeed's Jack Kennedy

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10 May 2022 | 0

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The main unemployment rate was 4.8% in April on a seasonally adjusted basis, down from an adjusted 5.1% in March and down from a level of 7.5% 12 months ago. The seasonally adjusted number of people unemployed fell by 6,300 in April, and by 56,800 in the past 12 months.

Jack Kennedy, economist at global job site Indeed, gave his insights on the latest CSO data.

“The unemployment rate was lower in April at 4.8% despite the economy being in an uncertain period given the potential impact of the war in Ukraine, and the escalating concerns about inflation and the cost of living,” Kennedy said.

“The rate of inflation rose to 7.3% last month* with energy and food costs two areas of particular pressure,” he added. “Whilst this hasn’t yet had any noticeable impact on the strength of the labour market in Ireland, it may impact economic confidence over time and could stoke wage expectations.

“However recent research indicates that employee satisfaction is about more than headline rates of pay, with access to flexible working and a better work/life balance key features that many employees are seeking.

“A survey conducted by Indeed and Kelloggs** found 40% of workers would be unlikely to take a job with a company that did not have a flexible or hybrid working policy in place. 93% of people said that they would like to work for an employer who supports and encourages a greater work-life balance.

“Despite the labour market uncertainty, employers are still actively hiring, with the level of Irish job postings on Indeed up 52% at 29 April 2022, compared to 1 February 2020 (Fig 1). Against this competitive backdrop for talent, employers who demonstrate flexibility and offer compelling benefits over and above the basic remuneration package will be best placed to succeed.”

*(Source: CSO, Harmonised Index of Consumer Prices Flash Estimate April 2022 https://www.cso.ie/en/csolatestnews/pressreleases/2022pressreleases/pressstatementharmonisedindexofconsumerpricesflashestimateapril2022/)

**(Source: https://www.rte.ie/news/business/2022/0425/1294287-work-life-balance/)

 

 

 

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