Numbers signing on fell in October

Figures from the Central Statistics Office show that the number of people signing on for unemployment benefit fell in October. The seasonally adjusted figure dropped by 3,000 from September to 422,500, its first decline since March 2007.

The headline figure - which does not take seasonal factors into account - dropped by 7,447 to 412,407, though it is still almost 65% ahead of the same month last year. The unemployment rate fell back slightly from 12.6% in September to 12.5%.

The CSO said men accounted for 2,300 of the 3,000 fall in the seasonally adjusted figure. It also said the number dropped by an average of 600 a week in October, compared with an increase of 50 a week in September.

Young males worst hit, says FÁS

The latest quarterly commentary from FÁS shows that the rate of job losses is slowing down. But figures released by the state training agency show young men aged under 24 are the worst affected by unemployment.

According to FÁS, in the three months from July to September, unemployment rose at its slowest rate in two years. But it puts this down to increased emigration and a lower number of young people in the labour force because many are choosing to extend their studies.

In its latest quarterly commentary, the State training agency reveals that the number of professionals seeking employment has risen by 84% compared to last year.

But young men aged between 15 and 24 are the worst affected by the economic downturn, with three out of ten men in their early 20s currently unemployed, while four out of ten in their late teens are out of work.

The number of new apprentices entering the workforce is down 60%, with construction-related apprentices down 72%.

FÁS states that the employment outlook remains poor and predicts a reduction in the so-called 'buffer effect' where employers have been minimising job losses by reducing staff from full- to part-time hours.

Too early to say economy has turned the corner

Welcoming today's Live Register figures, employers group IBEC said however that it is too early to say that the economy has turned a corner.

'The Live Register numbers must be seen in the context of other indicators showing continuing job losses,' commented IBEC's chief economist David Croughan.

He pointed out that redundancies in October were as high as they were in January, while the the purchasing managers Index for both manufacturing and services show continuing job losses, though at a significantly reduced rate.

'Business remains under immense pressure due to the global downturn and the massive fall in the value of sterling. It is vital that the Government puts in place a stimulus package to retain current employment and stimulate job creation,' he added.

In a research note on today's figures, Goodbody Stockbrokers says one of their key features is the decline in the number of men signing on. The stockbrokers say that while they do not have a breakdown by nationality in today's release, it is very likely that these are male immigrants now leaving the country.

Goodbody says that the number of accession state nationals on the Register dropped consecutively in each of the five months to September, while total non-Irish nationals signing on fell in each of the months in the third quarter.