Economists insist situation stabilising despite jobless hike

DESPITE one in eight of the country’s eligible workforce being unemployed and with the situation set to deteriorate further, economists claim the economy is now stabilising.

The latest figures from the Central Statistics Office (CSO) show 435,735 were claiming the dole at the end of July, 197,495 more than in the same month last year.

However, the rate of increase in job losses has slowed significantly since the start of the year. Rossa White, chief economist with Davy Stockbrokers, pointed out the increase from June to July of 10,500 followed previous monthly jumps of 12,000, 13,700, 16,200, 20,000, 25,300 and 31,400 respectively going back to January.