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Labour market shows further signs of stabilisation – IBEC

Tuesday, 15 June 2010
IBEC, the group that represents Irish business, today said that while the employment situation is continuing to stabilise, Government policy must urgently focus on measures to address the growing problem of long-term unemployment.

Commenting on the latest snapshot of the labour market provided by the CSO's Quarterly National Household Survey, IBEC Senior Economist Fergal O'Brien said: 'It is now clear that the worst of the job losses are behind us. Employment in the majority of sectors has stabilised over the past couple of quarters, and some of the high-tech sectors have actually recorded a little job growth over the past year. However, job losses are continuing in the construction sector and there is no evidence yet that this sector has bottomed out.

'The unemployment rate now looks fairly close to its peak but unfortunately this is largely occurring as a result of falling participation rates and outward migration. The participation rate has dropped by nearly 3% over the past two years as many people have stopped seeking work. Emigration continues to moderate the unemployment rate and it is estimated that about 60,000 non-nationals have left Ireland over the past year. This represents a further difficulty for many businesses involved in the domestic economy.

'Government's response to the unemployment problem must now move from crisis management to more strategic measures needed to address the rapidly growing long-term unemployment problem. Reform of labour market policies and continued investment in training and upskilling measures are essential if crippling structural unemployment problems are to be avoided.'

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© Irish business and employer confederation (IBEC), 2010
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