Update on Irish Labour Market

FAS produces a useful quarterly commentary on the Irish labour market, which provides a detailed analysis of what has been happening in recent months: you can read a summary (and download the full report) here.

3 replies on “Update on Irish Labour Market”

Interesting to see the hint in Figure 15 that the rising employment in heathcare and social services that we saw in Q2 may have continued through Q3.

Linking this to my earlier post about the composition of the Live Register and its relationship with the QNHS, it is interesting to read an article in today’s New York Times about the broader measure of unemployment in the US. http://www.nytimes.com/2009/11/07/business/economy/07econ.html?_r=1&th&emc=th
The headline unemployment rate in US is now 10.2% and the broader measure, which includes discouraged workers etc, is 17.5%.
The comparable figures for Ireland (2009 Q2) are 12.0% and 15.8%.

Not many Irish companies will take the risk of hiring additional people until either sustained growth has returned or they make more profits from the ones they have.
That is why an additional once-off significant reduction in private sector wage costs is the only way to clear the labour market.
Failing that, it’s mass emigration, or mass unemployment for years.
Real unemployment at almost 16% underlines the need for immediate action. But it would probably have to reach 20% and 25% respectively before the government would consider this action.
If even then.

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