Simon Coveney (Cork South Central, Fine Gael)
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I understand the comments made by my colleague Minister Richmond during the Dáil debate on the Forty-first Amendment of the Constitution (Agreement on a Unified Patent Court) Bill 2024, were referring to a press announcement regarding the Q4 2023 Labour Force Survey and latest Monthly Unemployment Release, and the significant positive trend of employment, rebalance and overall growth statistics for 2023.

The Minister for Finance and I announced on the 22 February 2024 that Ireland had seen significant employment growth of almost 90,000 additional jobs during 2023, bringing the total employment level in Ireland to 2.71 million.

I commented that:

"2023 was an exceptional year for the Irish labour market, which finished strong in the final quarter with 2.7 million people employed in our country, another historic high. In January 2024, the monthly unemployment rate stood at 4.5%. It is encouraging to see record numbers of women availing of opportunities for employment, with female participation rates in the labour market trending upwards in recent years.

The Minister for Finance, Michael McGrath TD also commented, saying:

“Today’s figures indicate the continued strength of the labour market in the fourth quarter of 2023.

“The official level of employment reached another record high of 2.71 million in the fourth quarter, with almost 90,000 jobs added in the year to Q4 and around 15,000 added in the fourth quarter alone. Almost three-quarters of our working age population are now in employment. Continuing the trend seen in recent quarters, the strong growth in employment in the fourth quarter was driven by additions to labour supply, by net inward migration and as well as increased participation.

“Notwithstanding this, today’s figures point to some easing of the tight conditions that have characterised the labour market over the past year. While the unemployment rate - at 4.5 per cent - remains low by historical standards, the increase in the rate in the second half of 2023 is in keeping with a general softening in economic conditions, with external conditions particularly challenging in the face of many headwinds. With labour demand having eased in recent months and labour supply remaining robust, the labour market now appears to be returning to a more balanced position, a welcome development that should help alleviate some of the concerns relating to overheating pressures.”