Unemployment falls to 5.8% in May

New figures from the Central Statistics Office shows that unemployment fell again in May after falling below the 6% level for the first time in ten years in April.

The seasonally adjusted unemployment rate for May fell to 5.8% from 5.9% in April and was lower than the rate of 6.6% in May of last year.

Unemployment was last below 6% in May 2008 just as its economic crisis hit, doubling the rate of joblessness in less than a year and swelling it to a peak of 16% by 2012. 

The rate has fallen steadily since and the Irish Fiscal Advisory Council said today that unemployment could fall as low as 4.5% next year as the fast-growing economy approaches full employment.