Marketing

Republic’s unemployment rate jumps to 16.5%


The Republic’s unemployment rate has jumped to 16.5 per cent as a result of the coronavirus crisis.

The Central Statistics Office (CSO) figures for March include claimants of new pandemic unemployment benefit, which totalled 283,037 at the end of March.

“This new Covid-19 adjusted monthly unemployment measure includes those in receipt of the pandemic unemployment payments in the calculation of the adjusted unemployment rate,” the CSO said.

“ It should be considered as the upper bound for the true rate of unemployment and the standard monthly rate as the lower bound,” it said.

Without this category, the standard measure of unemployment for March was 5.4 per cent.

Separate figures published last week show the number of benefit claimants on the Live Register rose by a record 330,550 in March.

The unprecedented monthly increase lifted the seasonally adjusted total to an all-time high of 513,350, which equates to more than a fifth of the working population in the Republic.

The new total, however, includes those being paid the new pandemic unemployment benefit or those in receipt of the Government’s new Covid-19 wage subsidy, many of whom may return to jobs after the restrictions are lifted.



READ SOURCE

This website uses cookies. By continuing to use this site, you accept our use of cookies.