Australia Jobless rate increased 12th-Sep-2013 The Australian Bureau of Statistics said on Thursday that the jobless rate had increased to 5.8 percent in August, up from 5.7 percent in July, due to losses in full-time and part-time employment. This is the first time that the sluggish Australian economy experiences such a level over the course of the global financial crisis. Australia cut 10,800 jobs in August as its mining investment boom slowed down. Economic analysts warned the weak jobs report was a sign of worse things to come in the labor market. “Amongst many sectors we are seeing hiring restraint or shedding including in construction, retail and manufacturing and there is no signal this is improving,” said Australian Chamber of Commerce and Industry’s chief economist Greg Evans. “We are concerned the mainstream economy may not be growing sufficiently to keep a lid on an unemployment rate which is trending higher.” The weak jobs report sent the Australian dollar plunging from three-month highs against the US dollar. The report came days after Australians voted in favor of the opposition in the country’s parliamentary elections. Prime minister-elect Tony Abbott has vowed to restore the economy by axing mining profits and corporate pollution taxes unpopular with businesses, as well as lowering the overall company tax rate.
Posted on: Thu, 12 Sep 2013 07:42:36 +0000
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