Unemployment figures - Two positive indicators

The boy who cried wolf is one of folklore’s most easily recognised archetypes. Those who some years ago pointed to what they imagined as the “first green shoots of recovery” must know how he felt.

Since then, there has been a marked reluctance amongst those who speak in clichés to assert that corners have been turned, that the worst is behind us or even that austerity is working.

Nevertheless, it is as difficult not to celebrate a sunny day as it is to take some cheer from yesterday’s unemployment figures and the World Competitiveness Yearbook which has placed Ireland in 17th place this year, a rise of three places. Unemployment fell 9.3% in the 12 months to the end of March — the first time the figure went under 300,000 since 2010. These are significant figures and no matter how moderate they seem, they begin to put flesh on the idea of recovery.