Market comment - Sharp drop in Irish jobless claims

Davy Research
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Last night’s Pandemic Unemployment Payment (PUP) claims data showed another sharp 23,000 weekly decline to 244,000, over half of which came from the hotels and restaurants sector given the recent return of outdoor dining. Given PUP claims have almost halved since early April, good progress is being made as the economy has reopened. However, it is still too early to judge if there will be a high level of lingering unemployment.