Ireland is at full employment, but building industry now falls in number of Irish workers
We will need to grow the number of young people training in this area, not only in traditional trades like block-laying, but also in modern methods of construction.
In Ireland, GNP has now largely been replaced by adjusted gross national income, or GNI*, which strips out additional distorting features of our globalised economy, like depreciation on intellectual property and leased aircraft. However, GNI* will not be available until six months after year-end. The Modified Domestic Demand figure published by the CSO last week probably gives the best read of all the National Accounts measures on how the economy actually did in 2023, showing a growth of 2.
The Labour Force Survey figures also confirm that the economy is at full employment, with no spare capacity: the unemployment rate for Irish-born people last year was a record low of 3.8 per cent, with an overall unemployment rate of 4.2 per cent. Because there will always be people who are between jobs, an unemployment rate of 4 per cent generally signals Ireland is at full employment.
In a fully employed economy, pursuing jobs growth for the sake of it runs the risk of attracting workers or job entrants from other important roles for our economy and society. While changes in relative wages will play a big role in moving scarce labour to where people are most needed, such an adjustment will take time, and will have some negative side effects.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Going 'Damp': Why The Damp Lifestyle Is Taking OverSTELLAR Magazine, Irish Fashion, Irish Women's Magazine, Irish Beauty, shops in Ireland, celebrity news, glossy magazine, Fade Street, make-up tips, Irish style, Vip Magazine Group
Read more »
A List Of Our Favourite Films Directed By WomenSTELLAR Magazine, Irish Fashion, Irish Women's Magazine, Irish Beauty, shops in Ireland, celebrity news, glossy magazine, Fade Street, make-up tips, Irish style, Vip Magazine Group
Read more »
PJ Kirby shares pride in Irish culture & value of queer inclusive Irish eventsPodcaster and dancer PJ Kirby has opened up about his passion for Irish culture and the importance of creating LGBTQ+ friendly spaces to encourage the queer community to embrace their identity
Read more »
Snow-ice warning issued for eight Irish counties as temperatures set to plungeMet Éireann have issued a Status Yellow snow-ice warning for eight Irish counties as temperatures are set to plunge once again below freezing.
Read more »
Ireland at High Risk of Measles Outbreak, Says Chief Medical OfficerThe Chief Medical Officer expresses concern over the high risk of a measles outbreak in Ireland due to low vaccination rates. A confirmed death linked to measles infection has been reported. Efforts are being made to implement a catch-up MMR vaccination program for young people.
Read more »
Ken Fisher: beware the ‘silent’ credit crunch that could hit Irish stock prices in 2024Figures from the Central Bank of Ireland show that loan growth turned negative last year potentially signalling an impending economic slowdown
Read more »