The United States of America is an accurate barometer for the rest of the worlds economies, and especially Ireland where out economy depends greatly on large multinational US companies in Ireland (DELL, Pfizer, Intel, etc). Last months US unemployment figures have broken another psychological barrier, they have broken through the 8% rate, and now stands at 8.1%. The current slow down in the US economy meant that in February alone, over 651,000 jobs were lost. And now the US has the worst unemployment rate since 1983.
So what is in store for Ireland ? Will we reach record levels again ? Some analysts say that we will reach double figures and we could go as far as 15% in 2010 ! A recent report from the CSO show that the live register numbers are up right across the board. The live register is not the number of unemployed, it includes people who work up to 3 days a week (part-time), seasonal and casual workers who are entitled to Job Seekers Benefit or Allowance. Dublin had the overall highest number increase (over 7,000), while Carlow had the highest percentage increase (10.7%). The number currently on the live register is over 350,000 , with 280,000 being Irish nationals, 15,000 from the UK. Of the 350,000 job seekers, 68% are males with 239,000 and just under 50,000 (20%) of these are under the age of 25, while females make up 32%, with 115,000 and 26,000 (22%) under the age of 25.