The unemployment rate rose to 4.9% in July, with an increase in youth unemployment to 12.2%. This signals potential softening in business confidence, heightened by global uncertainties and new trade tariffs. The US imposed tariffs ranging from 10% to 50% on several countries while discussions with the European Commission continue. The tariff of 15% on EU exports will impact many sectors, including wines and spirits, amidst ongoing negotiations for exemptions.
The rise in the headline rate to 4.9pc is a warning light on the economic dashboard. Rising global uncertainty and the growing risk of tariffs are making firms more cautious.
That hesitation is now showing up in the jobs data. Ireland's labour market remains strong by historical standards, but policymakers should take this signal seriously.
Tariffs of between 10pc and 50pc were imposed by the US today on dozens of countries, while the White House and European Commission continued negotiations.
A 15pc rate will still apply to EU exports. This captures all products, and talks about exempting certain goods are continuing.
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