Marked slowdown in job creation in Q1 of 2014Posted on May 26, 2014 by Gerald Flynn
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THE rate of employment growth in the economy slowed significantly in the first quarter of 2014, according to the latest Quarterly National Household Survey.
The latest survey, released by the Central Statistics Office (CSO) today, showed employment grew by 2.3% or 42,700 over the year. This is much lower than the 70,000 new jobs being claimed by Government party candidates during this month’s local and EU elections.
This gave rise to an unemployment rate of 12%, down from 12.2% in the previous quarter, and equivalent to the euro zone average.
In fact the job creation rate has been slowing down. A breakdown of figures indicated employment growth during the first quarter of 2014 was just 1,700 or 0.1%.
This follows increases of 10,600, 19,000, 12,700 and 16,300 in the previous four quarters, suggesting a major fall-off in the rate of job creation.
This is a worrying development for the Government.
The figures also showed the jobless total decreased by 33,900 or 11.6% in the year to the first quarter of 2014, bring the total number of people unemployed in the economy to 258,100.
In tandem with this, the long-term unemployment rate decreased from 8.4% to 7.3% over the year
The figures showed long-term unemployment accounted for 60.5% of total unemployed number, compared with 61.8% a year earlier and 63.5% in the first quarter of 2012.
The total number of persons in the labour force in the first quarter of 2014 was 2,146,300, representing an increase of 8,800 or 0.4% over the year.
The number of persons not in the labour force was 1,450,200, a decrease of 6,800 or 0.5% over the year.