05 June 2009

Highest Unemployment Rate ever - now 11.8%

The number of people on the Live Register (of the unemployed) has passed the 400,000 mark for the first time last month.

On a seasonally adjusted basis, there are now 402,100 people in the Republic of Ireland seeking unemployment benefit or allowances.

It is the first time the numbers on the dole have ever reached this level and translates into an unemployment rate of 11.8%.

More than 105,000 people were added to the Live Register in the first five months of 2009.

Earlier this year, the Economic & Social Research Institute (ESRI) in Dublin forecast that unemployment could even rise to 17% next year.

The Irish Congress of Trade Unions (ICTU) says that the figures are "an indictment of failed government policies" and has called for "an immediate allocation of one billion Euros to protect and create jobs".

As much as that would help to stimulate the Irish economy, it is most unlikely to see our government spending any extra money at this time, as the Exchequer has just announced a budget deficit of currently € 10.6 billion (see my entry of June 3rd).

No comments:

Post a Comment