Unemployment to hit 184,000 next year

UNEMPLOYMENT will hit 184,000 in 2003, up from 164,000 this year, the Economic and Social Research Institute (ESRI) has warned.

By the end of 2003, up to 5.2% of people will be out of work, but that figure will probably hit 5.5% sometime next year before averaging out at the lower 5.2% figure.

ESRI chief economist Danny McCoy said: “Unemployment is the dog that hasn’t barked yet” in terms of the worsening conditions in the economy.