Following the release of the November 2019 CSO Monthly Unemployment figures, please find the expert comment by Andrew Webb, Chief Economist at Grant Thornton Ireland, below.
“Ireland’s labour market has finished the year in a very strong position. Whilst this is positive news for families, businesses are reportedly finding it increasingly difficult to recruit new staff, with some beginning to experience a skills shortage. Finding and retaining labour could prove to be the big challenge of 2020.
Increasing attention is turning to the ‘underemployed,’ referring to people who are in part-time employment looking to increase their hours. According to the Labour Force Survey published last week, around 112,000 people fall under this category. Additionally, a new indicator known as a ‘Potential Additional Labour Force’ or PALF that measures those not counted in the unemployment statistics but who are either seeking work but not quite ready to take up a role and those available but not seeking work, has estimated a further 110,000 people that have the potential to join Ireland’s labour force.
These two factors suggest we might be much further from full employment than thought.”