The unemployment rate in Ireland rose to 4.9% in July, an increase from 4.6% in June, with the youth unemployment rate reaching 12.2%. Andrew Webb highlighted this rise as a concerning signal for economic confidence, linking it to global uncertainties and new tariffs. The US has implemented tariffs of 10% to 50% on various countries, impacting the EU with a 15% tariff ceiling on exports. Olof Gill indicated that talks on exemptions are ongoing, but certain products like European wine and spirits will incur these tariffs.
Andrew Webb, chief economist at Grant Thornton Ireland, said 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."
"If ignored, today's flicker could become a more persistent fault."
Tariffs of between 10pc and 50pc were imposed by the US today on dozens of countries, while negotiations on a joint statement continued.
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