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Ireland's Unemployment Rate soars to second highest in EU-15 countries

Ireland has moved from having the second lowest unemployment rate among the EU-15 countries two years ago to having the second highest rate based upon recent OECD calculations.

This astounding rise in joblessness is attributed to the sudden collapse of the building boom in Ireland.  The 11.7% rate recorded in May is 85% higher than last year’s average. Of the OECD countries, Ireland is shortly followed by Spain with a 64% increase and the USA with a 62% in unemployment in contrast to percents taken a year ago.

Of the 30-nation OECD, unemployment has risen above 8.3% in May compared with less than 6% last year. The unemployment rate in the euro area was 9.5% in May 2009, up from 7.4% last year. These calculations accommodate different methods of unemployment measurement to get the most accurate comparable rates.

This article is brought to you by Holiday Homes Direct as we strive to keep you updated on Ireland's national news.

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