The ratio of unemployed people to job vacancies is a measure of the extent of labour market tightness—the higher the ratio, the less opportunity unemployed individuals have to find employment. The current rate in Ireland is 24 people for every job vacancy available. This suggests the economy is still struggling to provide a sufficient number of jobs; however, the rate is a notable improvement on the second half of 2013 when there were 28.5 people available for work for each vacancy.
International comparison of the vacancy rate
The rate of employment growth in the opening half of 2014 suggests that scale of improvement in the vacancy rate experienced in 2013 is unlikely to be repeated this year. Much of the job growth experienced in recent quarters has been concentrated in the Eastern regions of the country, with West, Mid West and South West experiencing a year-on-year decline in the number of full-time equivalent (FTE) positions by 2.9%, 1.9% and 2.6% respectively.
Quarterly percentage change in the number of people in employment (seasonally adjusted)
The vacancy rate gives no indication of the type or quality of work becoming available. The Quarterly National Household Survey data provides some positive news with higher value-added sectors of employment increasing by 8,300 comparted to the same quarter in 2013 and a growth in the number of full-time positions being filled.
Quarterly percentage change in number of people in full-time and part-time employment