Indeed economist says it is still job seekers’ market
The labour market remains a positive backdrop for job seekers with postings on job site, Indeed, 30% higher than before the pandemic.
The rate of unemployment in July was 4.1% according to the CSO. Economists consider an unemployment rate of 4% cent or less as tantamount to full employment.
Senior economist with Indeed, Jack Kennedy said the labour market is a story of continuing strength that reflects Ireland’s robust macro economic picture.
He said “It is still true when we look at the overall job postings. We’re still running at an elevated level of vacancies and job postings across the Irish economy, so although we are seeing that gradual slowing in the market, it’s still overall a very positive backdrop for job seekers.”
It may come as some solace to employees at Accenture who learned this week that the firm plans to cut 890 jobs in Ireland.
“We are seeing some areas of softness, the professional categories have definitely slowed,” Mr Kennedy said. “The tech category as well as engineering, and media & communication, but despite the slowdown in those categories, many of those roles are still highly sought after by employers and are still typically quite difficult to fill.”
Indeed is still seeing fairly strong trends across most categories, particularly in healthcare, education, social care, as well as sectors like insurance, banking and finance, and production and distribution.
“The latest postings from Indeed show that postings in Ireland are about 30% above the pre-pandemic base line as of the end of July, that is down from a peak of about 60% which we saw last year, but it still signals robust labour demand and certainly a more resilient picture than we are seeing in the UK where job postings have slowed to a greater extent from their peak.”