The number of people claiming unemployment benefit fell by more than 2,000 to 164,541 last month, the lowest since November 2002, new figures show. Seasonally adjusted, the Live Register was down 2,200 to 170,400, the fourth consecutive monthly decline.
As a result the unemployment rate dropped to 4.3 per cent from 4.4 per cent in October, in defiance of analyst predictions that it would breach 5 per cent in 2003.
But in the year to date the register grew by 3.7 per cent (a 5,905 rise) compared with a 5.6 per cent rolling increase (a 8,846 rise) in the 12 months to October.
The figures include part-time, seasonal and casual workers and should not be read as a measure of the number out of work, the Central Statistics Office cautioned.
The largest decreases were in Dublin (down 2 per cent) and the midlands (down 1.7 per cent) with the lowest decreases in the south west (down 0.1 per cent) and mid-east (down 0.8 per cent).
The Government hailed the drop in the Live Register as a vindication of its economic policies.
Mr Michael Finneran, Fianna Fáil chair of the Dáil Committee on Enterprise and the Public Service, said the positive results would bolster confidence among businesses and consumers.
But the Opposition warned of an "underlying trend" of increased redundancies.
"Figures released today appear to represent a stabilisation of employment levels but they do not reflect the substantial increase in the notification of redundancies in the last few months," said Mr Phil Hogan, Fine Gael Enterprise, Trade and Employment spokesman.
