Unemployment Rate up to 10.4%

In a further indication of the rapidity of the decline in Irish economic activity, the CSO‘s Live Register release reports a standardised unemployment rate of 10.4% in February up from 5.0% one year earlier.  One reason the figure is so high is that unemployment rates from previous months were revised up (January’s rate was revised up from 9.2% to 9.6%) as they were benchmarked to the QNHS estimates for September-November.   (Brendan Walsh had predicted such a revision in his post on the QNHS release.) Even controlling for that, the pace at which the economy is contracting is remarkable.