The latest figures from the Central Statistics Office show that 354,437 people were on the Live Register last month. This represented an increase of 26,576 from the January figure, which was a record. The Live Register has now risen by 87% over the past 12 months, also a record.
The Taoiseach Brian Cowen had confirmed the figures to the Dáil earlier. He also said that if the present rate of job losses continued, the Live Register could reach 450,000 by the end of the year.
The CSO said the unemployment rate rose to 10.4% from 9.6% in January.
The seasonally adjusted figure showed an increase of 26,700 from January to 352,800. This rise included 18,200 men and 8,500 women.
Reaction to today's 'dire' jobless figures
ISME, the Irish Small & Medium Enterprises Association, has described today's Live Register figures as 'dire' and called for an emergency employment action plan to be introduced without delay
'With the cost to the state estimated at €20,000 for each individual signing on, it is crucial that initiatives are introduced, as part of the supplementary budget, to ensure that employers can maintain employment during these extremely difficult times,' commented ISME's CEO Mark Fielding.
Bloxham Stockbrokers' Alan McQuaid says that as with January, the Live Register figures are 'simply horrendous'. He says they underline the fact that the Irish economy is now in severe crisis mode with the labour market heading for meltdown.
'It is essential in our view that the forthcoming mini-Budget includes some measures to stimulate demand in the economy and project jobs. Focusing on just simply stabilising the public finances and not targeting economic growth will not work, and indeed is likely to do more damage than good', the economist says.
In a note today, Davy predicts that the unemployment rate will pass the12% level by October. That would mean a near-eight percentage point increase in two years - the rate was only 4.5% in October 2007. The stockbrokers said that the last euro area country to see an equivalent jump was Finland during the period from 1990 to 1992.
