Central Bank rules out jobs upturn before 2011

ANOTHER year of gloom on the jobs front is expected after the Central Bank said no improvement was likely before late 2011.

The forecast comes as prices creep upwards for the second month in succession and as three more lenders announce increases in mortgage interest rates.

The Central Bank says unemployment will average 13.7% this year — the highest for 16 years. There is a prospect of a slight turnaround in the second half of next year but unemployment in 2011 is still expected to average 13.2%.