The seasonally-adjusted unemployment rate has fallen by 900 to 231,900, the lowest level since December 1990.
The Republic's adjusted unemployment rate now stands at 9.3 per cent, compared to the EU average of 10.3 per cent, according to the last available figures.
Before adjusting for seasonal highs and lows, there were 223,941 people signing on the Live Register in May, a fall for the month of 7,386. It is the first time since November 1990 that the unadjusted Live Register has been below 225,000.
Unemployment has fallen consistently in recent months; in the year to May, the Live Register fell by 24,173. Some 9,900 of the decline was from the ranks of the under-25s.
Of the 231,900 seasonally-adjusted figure, some 139,200 were male with 92,700 females signing on the Live Register in May.
In that month, some 49,700 were under 25 years of age, up from 49,400 on the month.
The Minister for Social, Community and Family Affairs, Mr Ahern, welcomed the latest figures. "This is the 14th month in a row in which seasonally-adjusted unemployment has fallen," he said.
"The Live Register has now fallen by 30,000 since this Government took up office less than one year ago - people under 25 years of age account for 45 per cent of the reduction."
The Irish National Organisation of the Unemployed welcomed the figures and said they indicated that long-term unemployment was finally being addressed.
However, it said there was strong evidence to indicate that many of the jobs being created were low-paid. It said comparisons with other EU states, many of which have higher rates of unemployment, should be treated with scepticism.
"While countries like France and Germany have higher rates, this is at a time when they are suffering economically, but we are barely ahead of them, even though we are in the middle of a boom," said a spokeswoman.
IBEC, the employers' organisation, said, despite the figures, employers continue to experience difficulties in filling vacancies. IBEC's director of economic affairs, Mr Brian Geoghegan, said there "is need for a much more active administration of unemployment benefit, linked to appropriate training and a commitment by government to reduce taxes on the lower paid in the next Budget". The Labour Party's spokesman on Enterprise, Trade and Employment, Mr Tommy Broughan, said the 900 drop was disappointing, and was the lowest drop over the last six months.
"What is more important and more worrying is the question as to where people are going when they move off the Live Register," he said.
The Democratic Left spokesman on Employment, Mr Pat Rabbitte, welcomed the fall but said there was no room for complacency. He said the Republic's economy now faced "the paradox of some employers facing a shortage of skilled labour while certain areas continue to be blighted by endemic long-term unemployment".
Mr Broughan said the figures show a "significant divergence between the seasonally-adjusted and unadjusted figures", and this highlighted the need to reassess the method used for calculating the figures.