Maxine Grey
April 9th, 2009, 07:10 AM
Shock rise in unemployment rate
9/04/2009 11:30:00 AM
By Stuart Fagg and Emma Thelwell, ninemsn Money
Close to 35,000 people lost their jobs in March as the unemployment rate hit a five year high of 5.7 percent, according to official statistics.
The Australian Bureau of Statistics said 93,000 full time jobs have been lost in the last 2 months alone and 34,700 jobs went in March. Across Australia, 650,000 people are out of work.
Economists had been forecasting a slight rise in the unemployment rate from the 5.2 percent reported in February.
"The main point from today’s data is that this is clear evidence that the labour market is turning, which has been expected given the slowing in economic growth," Riki Polygenis, economist at ANZ told ninemsn.
Gerard Minack, economist at Morgan Stanley, said the jobs figures were are sobering reminder of the downturn.
"Until now, consumers have had a great recession: rates are down, the Government keeps mailing them checks, and it's cheaper to fill the car," he said. "Now the offset to that largesse is appearing: significant job losses."
Some analysts are now forecasting that unemployment will rise to around 10 percent by the end of next year and Treasurer Wayne Swan recently admitted that the government will be forced to raise its unemployment forecast, which is currently 7 percent, in the May budget.
ANZ's Polygenis added that there had been a slight rise in the labour market participation, which is unusual in a period of economic downturn.
"Female participation is also rising, which may be a sign that second income earners in households are returning to the job market," she told ninemsn. "It also appears that employers are cutting back on hours rather than firing staff, which is reflected in the increase in part-time employment.”
Craig James, chief economist at CommSec said the bulk of the job losses were in NSW.
“New South Wales is paying the price for the GFC," Mr James told ninemsn. "Most of the job losses are in Sydney where the majority of the US and European banks are based. The rest of the nation has seen modest rises and falls, but the job shake out is very much a NSW phenomenon."
He added that some predictions of massive job losses are unfounded.
"The skyhigh job loss predictions that other economists are making are no doubt influenced by the gloomy financial centres that they work in," Mr James said. "They don’t seem realistic."
Earlier this week, ANZ bank data showed that job advertisements in newspapers and online dropped by a massive 44.6 percent in the 12 months to March 2009.
"Sharply falling ANZ job ads is consistent with an extended period of labour market weakness that is likely to see the unemployment rate heading higher throughout 2009 and 2010," said Warren Hogan, ANZ's head of Australian economics.
Once again the Slopehead loving Government has shown not along wants to screw us over by importing more parasites, and to make sure White working class Aussies are screwed over and their jobs are up rooted and given off to others, because they are coloured.
Whites built Australia, removing us will cripple the country, and it is already showing that trend.
9/04/2009 11:30:00 AM
By Stuart Fagg and Emma Thelwell, ninemsn Money
Close to 35,000 people lost their jobs in March as the unemployment rate hit a five year high of 5.7 percent, according to official statistics.
The Australian Bureau of Statistics said 93,000 full time jobs have been lost in the last 2 months alone and 34,700 jobs went in March. Across Australia, 650,000 people are out of work.
Economists had been forecasting a slight rise in the unemployment rate from the 5.2 percent reported in February.
"The main point from today’s data is that this is clear evidence that the labour market is turning, which has been expected given the slowing in economic growth," Riki Polygenis, economist at ANZ told ninemsn.
Gerard Minack, economist at Morgan Stanley, said the jobs figures were are sobering reminder of the downturn.
"Until now, consumers have had a great recession: rates are down, the Government keeps mailing them checks, and it's cheaper to fill the car," he said. "Now the offset to that largesse is appearing: significant job losses."
Some analysts are now forecasting that unemployment will rise to around 10 percent by the end of next year and Treasurer Wayne Swan recently admitted that the government will be forced to raise its unemployment forecast, which is currently 7 percent, in the May budget.
ANZ's Polygenis added that there had been a slight rise in the labour market participation, which is unusual in a period of economic downturn.
"Female participation is also rising, which may be a sign that second income earners in households are returning to the job market," she told ninemsn. "It also appears that employers are cutting back on hours rather than firing staff, which is reflected in the increase in part-time employment.”
Craig James, chief economist at CommSec said the bulk of the job losses were in NSW.
“New South Wales is paying the price for the GFC," Mr James told ninemsn. "Most of the job losses are in Sydney where the majority of the US and European banks are based. The rest of the nation has seen modest rises and falls, but the job shake out is very much a NSW phenomenon."
He added that some predictions of massive job losses are unfounded.
"The skyhigh job loss predictions that other economists are making are no doubt influenced by the gloomy financial centres that they work in," Mr James said. "They don’t seem realistic."
Earlier this week, ANZ bank data showed that job advertisements in newspapers and online dropped by a massive 44.6 percent in the 12 months to March 2009.
"Sharply falling ANZ job ads is consistent with an extended period of labour market weakness that is likely to see the unemployment rate heading higher throughout 2009 and 2010," said Warren Hogan, ANZ's head of Australian economics.
Once again the Slopehead loving Government has shown not along wants to screw us over by importing more parasites, and to make sure White working class Aussies are screwed over and their jobs are up rooted and given off to others, because they are coloured.
Whites built Australia, removing us will cripple the country, and it is already showing that trend.