Last month the Irish Unemployment rate rose to a 7.5 year high, coming in at just under 5%. The 4.9& figures haven’t been seen since the year 2000. The main reason cited for the higher rate, is the Irish economy’s dependence on the United States as well as the hole in the Irish construction market. Since the mid 1990’s more than 600 American multinationals have setup in Ireland. But with the ever weakening doller/euro rate, companies are finding it harder and harder to keep their operations in Europe afloat. There are now 179,400 people claiming unemployment benefit (this includes part time workers). This figure has risen 14.3% year on year.
Irish Unemployment Rate 2008
Back in August 2007 we reported that the unemployment rate was at 4.7% and in November this rose further to give an unemployment rate of 4.8% . This begs the question will we see the figure rise over the 5% mark in 2008 ? Let’s keep an eye on the CSO (www.cso.ie).