Jobs market shows signs of weakening

There was a 4 per cent dip in the number of job vacancies in the third quarter compared to the same period last year, a new report shows.
Morgan McKinley’s latest quarterly employment monitor outlines key trends in Ireland’s professional job market. It shows there was a drop of 2.1 per cent drop in job vacancies in the third quarter compared to the previous three months.
However, certain sectors are still experiencing growth, the report said, particularly in industries affected by regulatory changes and economic shifts, which are seeing “targeted expansion” despite the broader market decline.
The monitor also recorded an 8.5 per cent decrease in professional job seekers between the second and third quarters. However, after declines in July and August, the number of job seekers surged by 56.6 per cent between August and September.
While the report noted the 56.6 per cent growth in professional job seekers represented “a significant month-on-month increase”, it said it aligned with similar trends seen during the same period last year.
The group put the surge down to a high number of professionals having initiated a job search ahead of the year’s end with the aim of securing new positions before the new year.
Despite these fluctuations, the report said the Irish job market is expected to stabilise in the coming quarters.
However, the report warned that employers face “growing challenges” as they push for increased on-site presence, with many requiring employees to be in the office at least three days a week.
“This is narrowing the talent pool as more candidates prefer flexible or remote working options,” the report said. “Additionally, visa and permit complexities are further restricting international hiring, compounding skills shortages in key sectors.”
Morgan McKinley Ireland global FDI director Trayc Keevans said: “While the labour market shows signs of contraction, it remains resilient.
“The slight decrease in job opportunities reflects an economy adapting to challenges, particularly around regulatory compliance and digital transformation.
“Companies are positioning themselves strategically, especially in sectors like technology and financial services, where compliance and operational resilience are essential. We are seeing increased demand for specialists who can manage these regulatory shifts effectively.”