Unemployment rate forecast to average 10% next year

Ireland’s unemployment rate could fall to 10% next year, on the back of continuous declines in people signing on the dole.

Latest Live Register data, published yesterday by the CSO, showed that the standardised unemployment rate eased to 11.1% in September, from 11.2% in August. The eurozone average is 11.5%. In total, 370,050 people signed on for unemployment benefit last month; down from 374,800 in August.

“The unemployment rate remains the key indicator as far as the economy is concerned and steady progress is being made in terms of bringing it down,” said Alan McQuaid, chief economist with Merrion Stockbrokers.