Irish unemployment hits 17-year peak
Unemployment in Ireland has hit its highest rate in 17 years.
CSO figures released today show that the jobless rate rose dramatically in the last three months of 2010 to 14.7%, when seasonally adjusted, which is the highest level 1994.
The average employment level fell by 4.2% or 81,000 compared to the level recorded in 2009.
Economist with KBC bank Austin Hughes said the fact that more than half of those without work are now classed as long term unemployed is most worrying: "Job conditions remain fairly weak…and I suppose the particularly disappointing aspect is that there's a continuing rise in long-term unemployment.
"Suggesting that is it increasingly difficult for those losing a job to get back into the workforce.
"That's the real issue of the economy for the next year or two."
