Market comment - Unemployment claims decline as Irish economy re-opens

Davy Research
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Pandemic Unemployment Payment (PUP) claims data released yesterday (June 9th) provided an encouraging picture – another substantial weekly fall to 285,000 claims shows the relaxation of COVID-19 restrictions on non-essential retail and customer facing services is translating into jobs growth. Nonetheless, there is still a possibility that lingering unemployment could threaten the government’s target to eliminate the majority of PUP claims by the end of the summer. Also, 300,000 workers are still being paid via the wage subsidy scheme.