Job vacancies fell 28% in the final three months of last year, compared to the same period in 2022.
According to IrishJobs the number of open positions advertised on its platform during the period was also 13% lower than the previous quarter.
The hiring platform claims the softening is further evidence of a normalisation of the jobs market after a surge in hiring in recent years.
Activity by jobseekers rose in the fourth quarter, however, up 6% on the same period in 2022.
IrishJobs claims that the rise in activity, coupled with a moderation in hiring should help ease pressure in the jobs market for employers.
The Jobs Index found remote or working from home vacancies fell by 20% in the last three months of 2023 compared to the previous quarter.
IrishJobs says that while the rate of the decrease was significantly faster than the decline in overall vacancies, it is unclear whether this points to a long-term stabilisation, or even reduction, of the level of homeworking in Ireland.
Jobs in the IT sector accounted for 6% of all jobs advertised in the quarter and across the year.
The level of IT vacancies between October and December was similar to 2019, an indication the platform claims that the sector has once again rebalanced after rapid growth during the pandemic.
Construction experienced a modest increase of 2% in job vacancies compared to the third quarter, reflecting high levels of demand for skills in the sector to meet national housing targets.
IrishJobs predicts that the outlook for the jobs market looks set to remain competitive for the months ahead due to unemployment remaining low.
“Although there are signs of limited softening in the labour market, the Central Bank expects unemployment to remain under 5%, indicating a relatively stable and competitive market for talent is set to continue this year,” said Sam Dooley, Country Director of The Stepstone Group Ireland with responsibility for IrishJobs.
“In line with this trend of stabilisation, hiring has continued to moderate over the past quarter, with job vacancies declining at a quarterly and yearly rate, from previous highs.”