Irish unemployment ranks lowest in EU

Ireland has the lowest unemployment rate in the EU in June, new figures from Eurostat  showed today.

While unemployment stayed at an EU average of 8.8 per cent in June 2005, Irish rates stayed at 4.3 per cent for the month, coming in ahead of Britain, Denmark and The Netherlands.

Irish unemployment figures have remained steady in recent months, despite a number of high profile job losses in recent months, including the closure of the Carlow sugar factory and the decision by Galway-based Cambridge Diagnostics Ireland to move manufacturing to China and Britain.

Future job losses are also on the cards, with Bank of Ireland planning to cull over 2,000 employees from its ranks in the coming years. Dundalk has also been hit with the prospect of job losses, with speculation that tobacco company PJ Carroll and Company is likely to shut its cigarette manufacturing plant with the loss of 66 jobs.

EU-wide, the highest unemployment figures were in Poland, at 17.6 per cent, and Slovakia at 15.4 per cent. Within the euro zone, unemployment remained at 8.7 per cent. Greece had the highest rate at 9.9 per cent, followed by Spain with 9.8 per cent, France with 9.7 per cent and Germany with 9.5 per cent.

Fifteen member states recorded a decrease in their unemployment rate over a year, three remained stable and seven reported an increase.

Lithuania recorded the largest relative decrease, falling from 11.2 per cent in May 2004 to 8.1 percent in May 2005. This was followed by Estonia (9.4 per cent to 7.8per cent), Slovakia (18.4 per cent to 15.4 per cent), Spain (11.1 per cent to 9.8 percent) and Denmark (5.4 per cent to 4.8 per cent). In contrast, Luxembourg and Cyprus registered the highest relative increases, both rising from 4.8 per cent to 5.4 per cent.