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Aug 052009
 
Closed for business

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The latest figures show that more Irish firms closed their doors in July than in any month so far this year. 151 firms became insolvent in July, a 33% increase on the figure for June and a surge of 132% on the same month last year. The construction sector, once again, was the worst hit by the insolvency spike — with reports suggesting a correlation with the traditional "builders holiday", and struggling firms choosing to avail of this traditionally quiet period to wind up their operations "under the radar".

The motor trade was also badly hit — with a 200% increase in insolvencies compared to June, and according to the insolvency news aggregator InsolvencyJournal.ie the numbers of Irish firms going out of business shows no sign of abating.

Retail insolvencies in July were up almost 50% in July, increasing sharply from a figure of 21 in June and almost triple the 11 insolvencies recorded in the sector during May. 131 retail companies have already gone out of business so far this year. In the hospitality sector insolvencies remained relatively consistent at 14, compared to 13 in June and 15 in May.

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Aug 052009
 
Academic procession at the :en:University of C...

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In general third level graduates are doing better than average in a very tough jobs market, says a study by the University of Ireland, Galway (NUIG), but the survey also shows significant variation between degree disciplines. With national unemployment rates approaching 12%, the University revealed that only 8% of the 2,300 or so graduates from the NUIG’s class of 2008 were still looking for work.

The University carried out the research from six to nine months after graduation, and had a healthy response rate of 62%. Over half of those respondents (c. 51%) had elected to pursue a postgraduate qualification, up from 49% last year and continuing a steadily rising trend. Of those available for work, one in every six NUIG science graduates (c. 16.5%)  was still trying to find a job, while for arts graduates the figure was one in 10 (10%), and a quarter of all law graduates were still looking for a position, although the vast majority of law graduates reported they had opted to further their studies.

Graduates most likely to be working were those with degrees in medicine and other health related disciplines, with 95% of respondents reporting they had secured employment.

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