Covid-19: Unemployment rises as businesses deal with the pandemic

IN THIS TURBULENT time, Fora is going to bring you updates every morning and evening on the most relevant issues for Irish business dealing with the outbreak of Covid-19. Here are the main points this evening, April 2 at 6 pm. We want to know how your business is dealing with the outbreak, drop us a line at news@fora.ie

As the pandemic continues to take a heavy toll on businesses, the jobs market is in for a battering. 

Figures released by the CSO have shown how there are more than 500,000 people on either the Live Register or claiming a payment due to the Covid-19 pandemic. 

Our colleagues over at TheJournal.ie have the details as last night 14 more deaths and 212 new cases in the Republic of Ireland were confirmed.

Unemployment on the rise

Figures released earlier today by the CSO show that the seasonally adjusted Live Register total for March 2020 was 207,200, an increase of 24,400 from February 2020. Including those in receipt of Covid-19 related unemployment payments or wage subsidies, the number of people on the Live Register would be 513,350.

Global job site Indeed said that there has been a 32% fall in advertisements compared to last year, which is more than in  Italy.

“The Irish job market is being radically transformed by the Covid-19 pandemic as people adapt to new realities in their lives. These are anxious times for many people who are dealing with the disruption of their working conditions, and the impact of the crisis on their income, on top of everything else. The impact of Covid-19 on the labour market is severe and is likely to get worse in future months, now that the virus has brought most sectors of the economy to a halt and severely dented consumer and business confidence,” Pawel Adrjan, an economist at Indeed, said. 

He added that while a broad suite of economic supports introduced by the government aims to help businesses sustain employment until things improve and is amongst the most substantial in the EU, “it won’t protect all jobs”.

Indeed’s data shows that under 25s have been particularly hit by the downturn in the labour market. 

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Note: This piece will be updated with additional information during the day. With reporting from AFP