Saturday 21 September 2019

Up to 85,000 jobs at risk despite full employment

 

There is an upside to Brexit as economist at global job site Indeed Pawel Adrjan said UK-based tech workers are likely to look for opportunities in countries like Ireland. File photo: Depositphotos
There is an upside to Brexit as economist at global job site Indeed Pawel Adrjan said UK-based tech workers are likely to look for opportunities in countries like Ireland. File photo: Depositphotos

Anne-Marie Walsh

The economy's return to full employment may be short-lived as up to 85,000 jobs are at risk.

Economists warned of the dangers Brexit poses to the "benign labour market" as there was further good news on the jobs front yesterday.

New figures show the number out of work fell by 1,800 last month as the unemployment rate dipped to 5.2pc.

But there were warnings that a no-deal Brexit will pile pressure on the economy, which is close to full employment.

The unemployment rate fell to 5.2pc last month - down from 5.3pc in July.

It has fallen from 5.5pc in August last year.

The seasonally adjusted number of persons unemployed was 126,000 last month, according to the Central Statistics Office figures.

This compared to 127,800 in July.

There were 6,400 fewer people out of work compared with August last year.

There is an upside to Brexit as economist at global job site Indeed Pawel Adrjan said UK-based tech workers are likely to look for opportunities in countries like Ireland.

But this could be wiped out by the serious risk of an economic shock due to a no-deal Brexit, he warned.

"Whilst we may see further declines the rate cannot go down infinitely, and we are getting closer to a level that may be viewed as full employment," he said.

He said the Government's warning that a no-deal Brexit may mean up to 85,000 jobs are lost is a looming risk as the October 31 deadline approaches.

Instability and likely recession in our most important export market will almost certainly put pressure on the labour market, he added.

Irish Independent

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