The decline in redundancies compared to last year indicates recovery, according to the Minister for Enterprise, Trade and Innovation Batt O’Keeffe.
O’Keeffe says this trend “shows economy is recovering” and this “sharp decline are very encouraging”.
The number of redundancy claims received for October was 3,910 – down 40pc on the figure for last October.
“That is the largest drop so far this year when comparing claims received in a given month with the equivalent monthly intake for last year,” O’Keeffe said.
Strong export performance
“Overall, the cumulative figures for the first 10 months of this year is down 23.3pc on last year’s figure of 66,989. ‘These trends, allied with our strong export performance, healthy foreign direct investment pipeline and declining unemployment figures, are very encouraging signs of economic recovery,” the Minister added.
O’Keeffe is on a trade mission in the Middle East, promoting investment and exports between Ireland and the Middle East.
The Minister also announced today the introduction of a scholarship programme that will see hundreds of Saudi students attend technology colleges across Ireland, which he says will boost the economy and create jobs.