DAVY VIEW

Friday’s (May 8th) Irish unemployment data rose to 28% in April, up from 15% in March. Furthermore, the data do not include a further 425,000 workers paid via the Temporary Wage Subsidy Scheme (TWSS). Hence, the fiscal cost of welfare/income supports is mounting, circa 1.5% of GDP per quarter, with Taoiseach Leo Varadkar announcing that they will be extended beyond the initial 12 weeks.