Irish unemployment has risen by 16,900 in November. This is an increase of 106,684 in 12 months . The latest figures represent the highest monthly rise since January 1975. The seasonally adjusted figures consist of an increase of 13,600 males and an increase of 3,300 females.
The unemployment rate now stands at 7.8% .
It is important to remember that the live register also includes part-time, seasonal and casual workers who are entitled to benefit.
Unfortunately there is no relief in sight. With economies such as the US, Germany and UK in recession the prospects for Irish exporters are not good for 2009. It is likely that new house completions will only reach 20,000 next year. Consumer sentiment and confidence is at low ebb. In the short term it is unlikely that a consumer led recovery can take place.
Further depressants include record levels of credit card debt. The collapse in house and share prices has also dented confidence. A relatively strong Euro has also increased pressure on exporters. In addition the credit squeeze is unlikely to ease sufficiently to save many small businesses.
The potential for a government led reflation of the economy is non-existent. Indeed a serious deflationary spiral could easily set in.The 2009 current deficit is likely to come in at around €8 billion. Further government cut backs are necessary to bring the deficit under control. These may further exacerbate the situation.
On a positive note falling oil prices and lower EU interest rates should help.
Nevertheless it is probable that 2009 will be another annus horribilis for unemployment.
The unemployment rate now stands at 7.8% .
It is important to remember that the live register also includes part-time, seasonal and casual workers who are entitled to benefit.
Unfortunately there is no relief in sight. With economies such as the US, Germany and UK in recession the prospects for Irish exporters are not good for 2009. It is likely that new house completions will only reach 20,000 next year. Consumer sentiment and confidence is at low ebb. In the short term it is unlikely that a consumer led recovery can take place.
Further depressants include record levels of credit card debt. The collapse in house and share prices has also dented confidence. A relatively strong Euro has also increased pressure on exporters. In addition the credit squeeze is unlikely to ease sufficiently to save many small businesses.
The potential for a government led reflation of the economy is non-existent. Indeed a serious deflationary spiral could easily set in.The 2009 current deficit is likely to come in at around €8 billion. Further government cut backs are necessary to bring the deficit under control. These may further exacerbate the situation.
On a positive note falling oil prices and lower EU interest rates should help.
Nevertheless it is probable that 2009 will be another annus horribilis for unemployment.
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