Dublin unemployment remains at low level

Dublin's unemployment rate ticked upwards in Q1 2023, yet remained at or close to 'full employment'. The 5.1% rate (SA) in Q1 was up by 0.4 percentage points (pp) QoQ but down by 0.7pp YoY - underlining the broad progress which has been made since the lifting of most remaining Covid-19 restrictions in Q1 2022. The national unemployment rate declined for an eighth consecutive quarter to stand at 4% in Q1 2023, the lowest rate recorded since 2001. Both rates indicate the currently 'tight' labour market across the country where demand for labour largely outstrips supply. Both rates underline the currently 'tight' labour market across the country where demand for labour largely outstrips supply, though the recent uptick in Dublin’s unemployment may indicate a modest reversal in Q1.