Employment Employment in Ireland is measured in two ways:


The Employment Rate: The percentage of theworking-age population (15–64) who are currently in paid employment.


The Unemployment Rate: The percentage of the labour force (aged 15–74) who are without a job but are available for and seeking work. KEYWORDS


The labour force does not include everyone aged 15-74. The labour force includes people of working age who are either in paid employment or unemployed and actively looking for work. It does not include people who are not seeking work, such as full-time students, retired people or those unable to work.


For example, if a country has 100 people in the labour force and 96 of them have paid jobs, the unemployment rate would be 4% (4 out of 100 people in the labour force are unemployed).


How Is Employment And Unemployment Measured In Ireland?


The Central Statistics Office (CSO) measures employment and unemployment in Ireland through the Labour Force Survey.


What Is A Good Level For An Economy?


ґ An unemployment rate of around 4% is described as full employment for an economy. This means that most people who want to work can find a job.


ґ A fall in unemployment or rise in employment is a good trend as more households are earning income so demand for goods and services will rise.


ґ A rise in unemployment or fall in employment is a bad trend as more individuals need government support through Jobseeker’s Allowance payments.


High employment or low unemployment usually indicates a strong economy.


A fall in economic growth may lead to higher unemployment in the future, as businesses reduce hiring or cut jobs.


around


An unemployment rate of is described as


employment 4% full for an economy. 393


STRAND 3 CHAPTER 35: Economic indicators


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