Rate of unemployment falls again in May to 5.8%
The rate of unemployment has fallen again in May to 5.8%, new figures from the Central Statistics Office show.
This marks a 0.1% decrease on April's rate of 5.9% which saw the rate of unemployment fall below 6% for the first time in 10 years.
In comparison to May of last year, 6.6% of people were unemployed, while in May 2016 this number was a significantly higher 8.9%.
According to today's seasonally adjusted figures, there are currently 139,000 people unemployed in the state.
The rate of unemployment hit a peak high of 16% in 2012 in the wake of the economic crisis, but projections show the rates will continue to fall well into 2019.
Davy Research forecasts the labour force to grow as a result of inward migration and belated recovery and expects the unemployment rate to fall to 4.7% by 2019.
However, it also warns that the recovery in the labour market is far from complete when comparing to pre-recession levels, which it says can be attributed to a slow structural catch-up in female participation and an ageing population.
