Today's unemployment figures from the Central Statistics Office show a seasonally adjusted increase of 15,800 during October — the highest monthly increase ever. The total number of people signing on for unemployment payments or social welfare credits has now reached 260,300, the highest level since 1997.This brings the increase in unemployment over the past twelve months to 94,600, the highest annual increase ever recorded. Men accounted for 72% of this increase - a clear indication of the slowing construction market.
Redundancies notified to the Department of Trade, Enterprise and Employment were up almost 114%, from last October to this, at 4,644.
Rising unemployment is now serving a double whammy to our public finances because not only are our tax receipts decreasing but also our social welfare payments are increasing. It is estimated that for every 1,000 people joining the live register, it costs the Irish economy €11m.
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