This post asks whether Ireland is in a recession or a depression, using the metric of jobs lost. It compares losses in Ireland with those in the US now and in the US during the Great Depression, and finds that – with almost one sixth of its private sector gone – Ireland is in indeed a jobs depression. Come the new year, it will be time for our jobs crisis to take centre stage as its cost to society is easily as large as NAMA or the public finances.
This post extends a February comparison of private sector job losses in recent US recessions to include the latest data, finding that the last six months have seen no significant recovery in employment numbers. It then compares the current recession to the Great Depression.