The latest figures are just out, and it’s worse than expected with unemployment now at 5.7% (the consensus was 5.4%)
More to follow…
The Australian reports:
AUSTRALIA’S unemployment rate has climbed to 5.7 per cent, with nearly 40,000 workers losing their jobs in March.
Economists had forecast the unemployment rate to rise to 5.5 per cent with more than 30,000 workers cut from the market.
Several leading job indices had March falls, indicating the employment market may be drying up faster than expected.
The number of internet and newspaper job advertisements slumped by 8.5 per cent in March to a seasonally adjusted 147,804 ads, according to ANZ job ads survey, 61 per cent lower than the peak reached in November 2007.
Skilled job vacancies also fell with the Federal Department of Education, Employment (DEEWR) reporting a 10.8 per cent fall in March to 40.7 points.
The Federal Government revised their employment forecast earlier this month, with Treasurer Wayne Swan conceding the unemployment would soar above 7 per cent.
Similarly the world’s leading economic advisor, the Organisation for Economic Co-operation and Development (OECD), tipped unemployment to reach an average of 10 per cent across the developed world in 2009.