However, it cautioned that Dublin had to keep an eye on the unemployment situation.
This is the most important economic data at this point, with Fed Chairman Ben Bernanke calling the unemployment situation a national crisis.
Yet the unemployment situation is stagnant and the economy is far weaker than is normally the case when pulling out of a downturn.
Despite an improvement in the unemployment situation, as evidenced by the latest jobs report, many companies have announced plans to lay off workers.
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The question now is whether Gen-Y workers, who are taking the biggest blow in wages, will see any turnaround when the unemployment situation stabilizes.
Where political partisans in Washington may bicker about the unemployment situation in the US, given the loss of work utility from long-term unemployment, Hamermesh suggested that the current state of affairs is precarious.
The unemployment situation is precarious, as "anything from Washington that might seem negative for business may spook management into slowing down expansion efforts and inventory replenishment, " says Marc Lowlicht, wealth management division head at Further Lane Asset Management .
Mr Hain said that, coupled with youth unemployment, made the situation in Northern Ireland "very toxic".
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The bursting of the property bubble and high unemployment levels compounded the situation, forcing many economic migrants from South America and Eastern Europe to leave the country.
The BBC's David Willey, in Rome, says the new government has to deal with a rapidly declining economic situation, rising unemployment - particularly among the under-35s - and lack of growth, despite some draconian austerity measures passed by the previous government of technocrats.
But look at any of these charts and they show structural unemployment at an all-time high, with the situation getting much worse the longer the duration of unemployment.
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"It is still a very dire situation as far as unemployment is concerned, " said economist Gilles Moec from Deutsche Bank.
High unemployment and economic uncertainty make the situation worse.
In addition, the company now faces market contraction in the wake of the sovereign debt situation in Europe, rising unemployment in the U.S., softness in consumer confidence and lower GDP expectations in many parts of the world.
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The current situation is far different, with unemployment falling because of a declining labor force participation rate and a decline in the size of that labor force.
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What seemed to have swayed many Democratic representatives was further signs of the deteriorating economic situation, including the sharp increase in unemployment and the concern that big states like California were running out of money as they were unable to access capital markets.
"However, of course, in the real economy we have a very difficult situation in many countries -- high unemployment, low growth -- and we have to use the better sentiment in the markets and restoration of confidence to bolster growth and job creation, " Rehn said.
We think unemployment will decline further in 2006 and that the labor situation is tighter than the consensus view.
By excluding these men from this official statistics about unemployment, we get a much rosier picture of the situation of blacks in the American labor market than is in fact the case.
This situation is sort of like someone who has collected unemployment insurance for years, but when they find a good job they want to keep the unemployment insurance payments flowing.
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I'm not willing to see 2 million Americans who stand to lose their unemployment insurance at the end of this month be put in a situation where they might lose their home or their car or suffer some additional economic catastrophe.
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In areas with higher unemployment, the renter has some pricing power, but in areas with a good employment situation, that power is slipping away.
"We're not in the situation as we are in southern Europe where there's about 50% unemployment among youth but if the economy continues to grow at these sorts of levels, by the end of this time next year, we may be getting close to those levels, " says Angus Blair of the Signet Institute in Cairo.
The reported U-3 veteran unemployment rate is listed at eight percent, but this statistic cloaks the dire reality of the situation.
The country's unemployment rate stands at 26% -- its highest level ever -- and the situation is even worse for young people, with more than 55% of 16- to 24-year-olds out of work.
The accountants believe that the situation is going to get worse in 2009 as the full impact of the credit crunch continues and unemployment rises.
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