IBEC: Live register increase reflects weakness in domestic economy
Employers' group IBEC today said that the larger than expected increase in the Live Register reflects ongoing weakness in the domestic economy.
Commenting on the latest CSO labour market figures, IBEC senior economist Fergal O'Brien said: "The second quarter of the year has proved very disappointing for the labour market. The latest increase in the Live Register highlight the tough trading conditions that firms operating in the domestic sector continue to face.
"The scale of the domestic economy, in money terms, is down by one quarter since the start of the recession and there are not yet solid signs of recovery. Following on from weak retail sales figures, the latest Live Register figures highlight the challenges facing many businesses.
"Government must ensure that funds committed under the revised capital investment programme start flowing through the economy as quickly as possible. It must also look again at the need for extra measures to help sustain vulnerable enterprises and jobs.
"A breakdown of the Live Register figures shows that the bulk of new job losses are in the professional and clerical areas. This is in stark contrast to this time last year when construction accounted for the largest proportion of job losses."
