The unemployment rate in Ireland has fallen below 5% for first time since the crash, reflecting the ongoing strength of the labour market. The Irish Central Statistics Office (CSO) said the seasonally adjusted unemployment rate for October was 4.8%, down from 5.7% a year ago.

The last time the jobless rate was below 5% was in July 2007. The current rate is also 11 percentage points lower than the 16% rate recorded at the peak of the financial crisis in 2012.

The seasonally adjusted number of persons unemployed was 117,300 in October 2019, representing annual decrease of 19,400, the CSO said. Participation rates, particularly for women, however, remain lower than at the peak of the boom or by international standards. The State’s youth unemployment rate also remains elevated at 12.3% in October, up marginally on the previous month.