The rate of unemployment has fallen below 7 per cent of the labour force for the first time since modern records began in 1983, according to the latest figures from the Central Statistics Office (CSO). The Tanaiste, Ms Harney, commenting on the data, said that there would now be a push to get the figure down to 5 per cent over the next year The Republic's standardised rate is now the fifth-lowest in the European Union, according to the latest figures. The EU average currently stands at 9.8 per cent. The Government has committed itself to getting the rate down to 5 per cent.
The percentage rate has been falling steadily since October 1995 when it stood at 12 per cent. The highest rate since current records began was in August and September 1985 when the rate stood at 17.3 per cent.
The latest figures do not take account of the recent closures in Cork and at Avon in Portarlington, Co Laois. Next month several hundred workers at Fruit of the Loom in Co Donegal will be made redundant.
In February the seasonally-adjusted figure dropped by 4,900 to 204,600, which compares with 238,700 at the same time last year. This 34,100 drop is the largest annual decline on record.
The unadjusted figure fell from 214,000 to 207,600 during February.
The seasonally adjusted rate for women fell by 1,400 to 84,900, while the male rate fell by 3,500 to 119,700. During February the number of people under 25 signing on decreased by 1,789 or 28 per cent of the monthly fall. The Minister for Social, Community and Family Affairs, Mr Ahern, said the the number of people signing on the live register has been "slashed" by 50,000 since July 1997. He said, despite the falling figures, the Government would not be "complacent".
He pointed out that only 86 per cent of those on the live register (less than 179,000) receive a full week's payment. He said 19,600 are casual/ part time workers who receive payment for only part of the week.
"This means that, of the total live register of 207,611, only some 159,000 receive full weekly payments. Of this number, 41,400 are unemployed for less than three months," he said.
The Tanaiste, Ms Harney, said a rate of 6.8 per cent was lower than the target she set for the Employment Action Plan. "We have reached our target 18 months ahead of time." She added that over the next year there would be a "major push" to get the rate below 5 per cent. She said the Employment Action Plan had played a major part in getting the figures down.
The Labour spokesperson on Employment, Mr Pat Rabbitte, said that the latest figures were welcome, insofar as they show a further fall in the total. "However, the underlying rate of attrition in the more traditional industrial sector is extremely worrying and tends to be disguised somewhat by the general economic buoyancy." The rate of job losses is "alarming", he said and the manner of the decision in many cases leading to the closures "demonstrates, yet again, the fragility of our economic success". The Irish National Organisation of the Unemployed (INOU) said more information was needed on what happened to people who left the live register.
IBEC said the Government had reached its target for unemployment set for the year 2000 early because the private sector had made a major contribution.
