Unemployment rate including PUP recipients falls to 22% in May

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Unemployment Rate Including Pup Recipients Falls To 22% In May Unemployment Rate Including Pup Recipients Falls To 22% In May
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Additional reporting by Reuters

Unemployment figures, including people in receipt of the Pandemic Unemployment Payment (PUP) fell to 21.9 per cent in May, showing a drop of 2.9 per cent on the month previous according to data from the Central Statistics Office (CSO).

The seasonally adjusted unemployment rate for last month was 7.8 per cent, up from 5.1 per cent in May 2020, but down on April's figure of 7.9 per cent.

The seasonally adjusted unemployment rate was also marginally higher among men than women, 7.9 per cent compared to 7.8 per cent.

The figures show that when people in receipt of the PUP are included, unemployment rates among the 15-24 category rocket to 58.8 per cent, decreasing to 18.1 per cent for people aged 25-74.

The CSO also notes that 8.1 per cent of those claiming the PUP are certified as attending full-time education.

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According to figures released last month, 863,546 people claimed the PUP between March 2020 and May 2021, rising to 1,320,837 when the Temporary/Employment Wage Subsidy Schemes are also included.

However, with the easing of restrictions and the reopening of the economy, the number of people claiming the PUP has continued to fall week-on-week in June, which Davy Stockbrokers estimated has cut the adjusted unemployment rate further to around 15 per cent.

Another release from the CSO also showed the decline in the number of people in employment has led to 7.6 million fewer hours being worked per week.

The Labour Force Survey Quarter 1 2021 showed employment figures fell by 5 per cent in the year, leading to 9.9 per cent fall in the number of hours worked each week.

There were 2,230,600 people registered as employed in Q1 of this year, down 2.9 per cent compared to the same period of 2019.

In addition, the number of employed people absent from work noted a dramatic increase, jumping by 129.6 per cent compared to Q1 2019, representing 13.9 per cent of workers.

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