The ABS survey revealed a seasonally adjusted unemployment rate of 5.3%, a much better result than was anticipated. Economists surveyed by Bloomberg had predicted that the unemployment rate would be 5.6%.
However, most of the new jobs were part time, with only 15,900 being full time.
The consensus of economic opinion is that the unemployment rate peaked at 5.8% last year, which was only a 2% increase during the economic downturn.
The better than expected unemployment figure will add pressure on the Reserve Bank to raise interest rates in March.
The youth unemployment rate in January is still high, at 24%. 65,000, aged 15 to 19 years, could not find a full time job. While this figure is a reduction from 79,000 in July 2009, it is still much higher than for all other age ranges.
The unemployment rate, in seasonally adjusted terms, in each state, was either level or reduced, except in the ACT which had a small rise.
Queensland: 5.9% down to 5.5%
NSW: 5.9% down to 5.6%
Victoria: 5.3% and unchanged
SA: 5.2% down to 4.4%
WA: 5.1% down to 5%
Tasmania: 5.2% and unchanged
ACT: 3.7% up to 3.8%
NT: 3.4% down to 3.3%
Small businesses are the main driver of new employment and we assist them by providing prospects at no cost to them from our Local Search facility in our Business Directory. Most of the 1.2 million businesses listed are small firms.
Monte Huebsch, CEO
However, most of the new jobs were part time, with only 15,900 being full time.
The consensus of economic opinion is that the unemployment rate peaked at 5.8% last year, which was only a 2% increase during the economic downturn.
The better than expected unemployment figure will add pressure on the Reserve Bank to raise interest rates in March.
The youth unemployment rate in January is still high, at 24%. 65,000, aged 15 to 19 years, could not find a full time job. While this figure is a reduction from 79,000 in July 2009, it is still much higher than for all other age ranges.
The unemployment rate, in seasonally adjusted terms, in each state, was either level or reduced, except in the ACT which had a small rise.
Queensland: 5.9% down to 5.5%
NSW: 5.9% down to 5.6%
Victoria: 5.3% and unchanged
SA: 5.2% down to 4.4%
WA: 5.1% down to 5%
Tasmania: 5.2% and unchanged
ACT: 3.7% up to 3.8%
NT: 3.4% down to 3.3%
Small businesses are the main driver of new employment and we assist them by providing prospects at no cost to them from our Local Search facility in our Business Directory. Most of the 1.2 million businesses listed are small firms.
Monte Huebsch, CEO
Thankfully my son is not one of those statistics.
ReplyDeleteAfter finishing Year 12 he thought he would have a 12 month break...but a fantastic opportunity came via a known contact.
He started an Apprenticeship last week and is now studying 1 day a week at TAFE Cert II Electrotechnology & spends the other 4 days with his Host Company.
http://www.PositiveAttitudeSuccess.com/blog
www.onlineuniversalwork.com
ReplyDeletewe had a couple of kids work with us in the lead up to Christmas but after that no chance imagine a gift basket business like www.huntervalleyhampers.com.au having year round capacity? Not a chance...
ReplyDelete