Date Released: 05 June 2014
The Irish Congress of Trade Unions said today (Thursday, 5th June) that the current rate of job creation was too slow to make ‘significant inroads’ into, or end the ongoing jobs crisis.
Congress Assistant General Secretary, Sally Anne Kinahan, said: “We are creating too few jobs at too slow a pace to make significant inroads into the crisis. Almost half of those currently out of work - over 200,000 people - have been unemployed for over a year and now risk becoming totally detached from the labour market.
“The rate of decline in unemployment is just 0.2% per quarter. This means it will be Autumn 2022 before we see unemployment fall to 5%, on current trends.
“That is too little too late and shows the ‘market’ cannot be left to its own devices to solve this crisis – we need action here in Ireland and across Europe, in the form of an investment programme that will reflate the economy and get people back to work.
“The Government also needs to push Europe to meet commitments already made and provide the funding for the Youth Guarantee, amongst other initiatives,”Kinahan said.
“Earlier today we saw the ECB forced to take drastic action to combat the deflationary spectre that threatens Europe.
“Reflating the Eurozone economy through stimulus and investment remains the surest way to do this,” she concluded.