An additional 300 people joined the live register last month amid warnings of a softening in the jobs market to bring the seasonally adjusted total to 171,100.

The unadjusted live register total stood at 168,072 people for March, of which 56.3 per cent were male and 71 per cent were Irish. That was an increase of 8,206 people or 5.1 per cent when compared with March last year.

While the register is not an accurate barometer of unemployment as people with part-time work can be entitled to benefits, it does track trends in the labour market.

The 25-34 years age group made up the largest number of those on the live register in March at 39,854 people, or 23.7 per cent of the total.

The latest figures from the Central Statistics Office (CSO) broadly reflect the low unemployment rate detailed in separate CSO data, published on Wednesday, which put the headline jobless rate at 4.7 per cent, up from 4.6 per cent in February and 4.5 per cent in March last year.

Jack Kennedy, senior economist at hiring platform Indeed, said the unemployment rate should be viewed against the backdrop of “extreme global volatility amid the ongoing conflict in the Middle East, with the wider impact of the crisis”.

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“Like other European countries, Ireland is in a relatively good position to absorb some of the initial shock, but a sustained period of high energy costs, inflationary pressure, industrial strain and currency and markets volatility, would be far more challenging,” he said.

“In such a scenario, business leaders are likely to halt growth plans and investment decisions, which could have a direct impact on job levels. Meanwhile, employees are likely to demand wage increases as living costs rise.”

The latest data from the Indeed’s Irish Job Postings Index shows the level of job postings is down to 2 per cent above the February 2020 pre-pandemic baseline, having been at or close to 8 per cent above the pre-pandemic baseline throughout January and February.

“This softening of the jobs market has been ongoing for an extended period and suggests a slowdown in job creation,” Kennedy said.

“This has yet to have had a measurable impact on the labour market, which has remained tight due a shortage of workers for existing jobs in many sectors and a high level of employment and labour market participation.

“While there are signs that the conflict in the Middle East may end soon, the fallout from the current hostilities is likely to last many months.

“Policymakers and employers will be hoping that a de-escalation is possible in the near to medium-term, which, if maintained, would allow for greater certainty and the return of the conditions needed for growth.”

The counties that recorded the largest percentage increases on the live register were Dublin (10.3 per cent) and Kildare (7 per cent), while the largest decreases were in Monaghan (4.7 per cent) and Donegal (3.1 per cent).

There were 115,199 people on the live register for less than one year, which was 11,230 more people – up 10.8 per cent – than in March last year.