Oireachtas Joint and Select Committees

Tuesday, 19 September 2023

Committee on Budgetary Oversight

Pre-Budget Engagement: Central Bank of Ireland and ESRI

Dr. Kieran McQuinn:

I echo that. The unemployment rate in the aggregate for the period Dr. Keane referred to was still very high, about 30% at its peak. Since then it has been falling almost like a stone. It reached 4% in May 2022 and has been flatlining at that rate ever since. To echo Dr. Keane's point, it could be a timeliness issue. When we see the 2022 data, we will probably get a better handle on whether the trends being observed in the data are structural as opposed to being related to the tail end of the Covid era.

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