Record High Employment Rates in Q3 2024: Key Statistics & Sector Insights
The employment rate in the country has reached a record high, according to the latest figures from the Central Statistics Office. The Labour Force Survey for Q3 2024 shows that the employment rate for people aged 15-64 years stands at 75.3%. This is an increase from 74.2% last year.
In Q3 2024, approximately 2.8 million people were employed, a rise of 3.7% or 98,600 individuals compared to the previous year. The total hours worked each week also increased by 2.4 million hours, reaching 85.9 million hours. Among those employed, about 585,700 worked part-time, with 21.8% classified as underemployed, indicating they wish to work more hours for higher pay.
The unemployment rate for people aged 15-74 years is now 4.5%, down from 4.6% last year, with 129,500 individuals unemployed. The number of people in long-term unemployment, unemployed for 12 months or longer, is 27,100, which is 4,200 fewer than last year. The long-term unemployment rate decreased to 0.9%, from 1.1% a year earlier. Youth unemployment, for those aged 15-24 years, is now 11.5%, down from 12.3% last year, with 45,300 unemployed in this age group.
How can underemployment be addressed in the current labor market, as discussed by Dr. Emily Carter?
Interview with Dr. Emily Carter, Labour Market Specialist
News Directory 3: Thank you for joining us today, Dr. Carter. The latest data from the Central Statistics Office indicates that the employment rate hit a record high of 75.3% in Q3 2024. What are your initial thoughts on this significant increase?
Dr. Carter: Thank you for having me. It’s indeed encouraging to see an uptick in the employment rate. An increase from 74.2% to 75.3% demonstrates a robust recovery in the job market, particularly as we continue to navigate post-pandemic challenges.
News Directory 3: Approximately 2.8 million people are now employed, which is a notable rise of 3.7%. What factors do you believe have contributed to this growth?
Dr. Carter: Several factors are at play here. First, there’s been a rebound in various sectors as businesses resume normal operations following pandemic-related disruptions. The rise in job opportunities in professional, scientific, and technical activities, alongside substantial growth in the accommodation and food service sector, illustrates the demand for labor in diverse fields. Additionally, government policies aimed at stimulating job creation likely played a role.
News Directory 3: Alongside the good news, there seems to be a concerning number of individuals classified as underemployed. How significant is this, and what should be done about it?
Dr. Carter: The fact that around 21.8% of part-time workers express a desire for more hours highlights an underlying issue in job quality. While it’s great that we’re seeing more people in employment, we must also ensure that these roles provide adequate hours and pay. Addressing underemployment requires a focus not just on quantity of jobs but also on improving the job quality through policy reforms and support for sectors struggling with workforce retention.
News Directory 3: The unemployment figures show a slight drop to 4.5%, but there are still 129,500 people unemployed. What do you think needs to be prioritized to further reduce these numbers?
Dr. Carter: Continuing to support sectors that have shown growth will be crucial. Targeted training programs can also equip the unemployed with skills that match market demands, especially for youth unemployment, which is concerning at 11.5%. Programs focused on internships and apprenticeships could facilitate smoother transitions into the workforce.
News Directory 3: Some sectors experienced job losses, such as the administrative and support services. What implications does this have for the future job market?
Dr. Carter: The decline in jobs in the administrative and support services sector indicates a shifting landscape. Automation and technological advancements are reshaping the demand for certain roles. It’s essential for workers in those sectors to adapt and reskill. As companies continue to innovate operationally, focusing on soft skills and technical proficiencies will be vital for workers to remain competitive.
News Directory 3: with the significant rise in hours worked in the accommodation and food services sector, do you foresee this trend continuing into 2025?
Dr. Carter: It’s possible, especially as consumer demand remains strong in hospitality and related industries. However, sustaining this growth will depend on external factors, such as economic stability and potential public health concerns. Hiring practices and employee satisfaction will play a critical role in maintaining momentum in these sectors.
News Directory 3: Thank you, Dr. Carter, for sharing your insights on the current employment landscape.
Dr. Carter: My pleasure, and I appreciate the opportunity to discuss these important trends.
By economic sector, the largest job growth occurred in professional, scientific, and technical activities, with an increase of 21,400 jobs. The accommodation and food service sector saw a rise of 16,900 jobs, an increase of 9.2%. However, the administrative and support service sector experienced a decrease of 8,300 jobs.
In hours worked, the accommodation and food service sector saw the largest increase, up by 700,000 hours. The administrative and support service sector had the largest decrease, with a drop of 300,000 hours.