Home > Ireland > Unemployment falls in June as Irish economy opens up

Unemployment falls in June as Irish economy opens up

Written by Robert McHugh, on 30th Jun 2020. Posted in Ireland

article headline

The latest figures from the Central Statistics Office (CSO) show that the Covid-19 adjusted unemployment rate fell to 22.5% in June, from 26.1% in May.

These figures are an estimate based on the Live Register and Covid-19 related claims. The main unemployment rate fell to 5.3% in June on a seasonally-adjusted basis, down from 5.6% in May, though was up from 5.1% twelve months ago. 
 
Numbers receiving the Pandemic Unemployment Payment continue to fall, reaching its lowest level in almost three months. Temporary measures such as the Pandemic Unemployment Payment and Wage Subsidy Scheme have proven to be an effective stop gap.

However, global job site Indeed say these were only ever intended as temporary measures and with these supports slated to be phased out in the coming months the next phase of recovery will provide a real challenge.
 
Indeed say the latest figures continue to show the disproportionate impact of the crisis on young people, with the Covid-19 adjusted unemployment rate for 15-24 year olds at 45.4%. For the foreseeable future, Indeed say the labour market will remain intrinsically linked to public health, which will require a new approach to job creation that takes this into consideration. 

Commenting on the figures, Economist at Indeed, Jack Kennedy said, "As some of the worst hit sectors open up again this week, it may be some time before the dust settles and we see the true impact of this new way of working on our unemployment rate. Judging by the re-opening efforts in other countries, we are not in the clear yet."

Source: www.businessworld.ie

More articles from Ireland

image Description

FDI in Ireland is resilient but not immune to impact of COVID-19

Read more
image Description

Differing impact of Covid 19 on rental and owner-occupied markets

Read more
image Description

Gilead Sciences to create 140 jobs in Ireland

Read more
image Description

Irish housebuilding to fall by one-third due to COVID-19

Read more
image Description

Extended Government support will be required to heal labour market wounds

Read more