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Unemployment rate rises again in May

Written by Robert McHugh, on 3rd Jun 2020. Posted in Ireland

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The latest figures from the Central Statistics office (CSO) show that the unemployment rate rose to 5.6% in May on a seasonally-adjusted basis, up from March’s revised figure of 5.4%, and up from 5.2% twelve months ago.

However, the CSO said that if all claimants of the Covid-19 Pandemic Unemployment Payment were classified as unemployed, the adjusted unemployment rate could be as high as 26.1% - that’s down from an estimate of 28.2% in April.

These figures are an estimate based on the Live Register and Covid-19 related claims, more detailed unemployment statistics will be available at a future date.

Commenting on the figures, economist at global job site Indeed, Jack Kennedy said, "As the economy sputters to a start, it will be vital to ensure the infrastructure needed to support workers is also in place. Adequate public transport and childcare facilities for those returning to work will be some of the biggest challenges to maintain with social distancing. With widespread childcare not set to resume for several weeks, parents returning to on-site work may struggle in the interim."

He added, "The danger remains for industries who may stay shut for some time, such as hospitality and tourism. It will be a challenge to ensure that many of those employed in these areas do not fall into long term unemployment. There is hope, however, that the hospitality industry may be buoyed somewhat by more domestic tourism later this summer. Without the safety valve of emigration available for jobseekers at the moment, a rebound for this industry could be make or break, especially for rural areas most affected."

Source: www.businessworld.ie

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