Irish Jobless Decline in Labor Market’s Best Streak Since 2007

Irish jobless claims fell for a third month in November in the labor market’s best streak since the first quarter of 2007.

Seasonally adjusted claims dropped by 4,200 to 438,800 from the previous month, the Central Statistics Office in Cork said in a report on its website today. The unemployment rate slipped to 13.5 percent from 13.6 percent.

Irish unemployment more than doubled in the past two years as the economy shrank, banks and builders cut jobs and a housing boom ended, pushing the budget deficit to around 12 percent of gross domestic product this year. Finance Minister Brian Lenihan will outline a budget on Dec. 7, the first step in a four-year plan to cut the deficit to 3 percent of GDP by 2014.

On an unadjusted basis, jobless claims fell by 4,551 to 425,002 in November from the previous month.

Seven out of 10 occupational groups recorded a decline in the number of people claiming unemployment benefits, today’s report showed. The largest drop was in the professional group, where claims fell by 6 percent, followed by the clerical and secretarial group, where claims were down 3.9 percent.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE