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Live Register jump sets fresh record

Live Register - Annual rise new record
Live Register - Annual rise new record

There was another sharp increase in the number of people signing on the Live Register this month, according to the Central Statistics Office.

The headline figure jumped by 17,429 from June to 238,240. This was the second largest monthly increase on record, bettered only by last month's 19,000 rise. The total was the highest for more than 10 years.

The increase of 63,647 over the past 12 months beat last month's record. This represents an increase of more than a third over the year.

The seasonally adjusted figure rose by 10,600 to 226,000. May marked the first time in nine years that the level had risen above the 200,000 mark. The unemployment rate was 5.9%.

Commenting on the figures, Alan McQuaid of Bloxham said he expects the labour market to deteriorate further, with the jobless rate rising to 6.6% or higher by the end of the year.

The ISME said it was alarmed by the figures, which confirm 'the labour market is in freefall'. It said if the trend continues, more people could lose their jobs this year than in any year in the last 20.

IBEC said that the most striking feature in the figures is the pace at which the Irish labour market has weakened over the last year.

'Ireland has not witnessed such a rapid deterioration in the labour market since 1975,' said IBEC Senior Economist Fergal O'Brien said.

Meanwhile, another report today showed that the number of building workers employed in the North's residential construction industry has dropped by 70% in the past year. Almost 1,600 residential building jobs are gone.

The body behind the survey has urged the banks not to take steps that could worsen the situation.