August’s Unemployment Figures
4 Sep 2018
On September 4th, 2018 the Central Statistics Office (CSO) published the Monthly Unemployment (MU) figures for August 2018. The Monthly Unemployment figures are based on the latest Labour Force Survey (LFS) and changes in the subsequent Live Register figures. When the LFS Q1 was published in June, the Monthly Unemployment figures were revised downwards by 15,900. However, when the CSO published the Labour Force Survey Q2 2018, in late August they revised them upwards. And so at the beginning of June, it was reported that 139,000 people were unemployed in May 2018: it was revised down to 123,100 people in June and has now been revised upwards to 139,300 people.
According to today’s release there were 133,800 people unemployed in August 2018, and the unemployment rate stands at 5.6%. The unemployment rate for people aged 25-74 years was 4.5%, a decrease of 1% on August, 2017. Young people, aged 15-24 years, account for 28% of those who are unemployed, and their unemployment rate is 13.9%, down 1.2% on the year.
In June when we reported on the Monthly Unemployment figures for May, 2018 we noted that the unemployment rate for young people was 11.9%; and that the last time youth unemployment was under 12% was May 2008. According to the revised figures the youth unemployment rate in May 2018 was 14.2%, which is 2.8% higher than May 2008.
Looking at these figures for people aged between 25-74 years, in June the revised figures for this age group saw their unemployment rate dropped below 5% in February 2018. According to the revised figures, it has stayed below 5%, bringing it back to June 2008 levels.