Sep 12, 2013

Unemployment hits 15-year high — and about Abbott’s sharemarket surge …

Unemployment is on the way up, write Crikey writers Glenn Dyer and Bernard Keane, but the good news for the new PM is his election has triggered a miracle sharemarket surge the world over.

The number of people unemployed in Australia last month hit a 15-year high in August, according to the latest data from the Australian Bureau of Statistics, as the slowing resources investment boom and weak domestic demand in sectors such as retailing and the media take a toll on employment.

The deterioration of the Australian labour market deepened in August with a second month of job losses and a rise in the unemployment rate to 5.8% (seasonally adjusted), the highest since August 2009. On a trend basis, the unemployment rate was steady at 5.8%, which tells us that the health of the jobs market continues to slowly worsen. A total of 10,800 jobs were lost in August, similar to the 10,200 reported as lost in July; full-time employment was down 2600 people to 8.128 million, and part-time down 8,200 to 3.508 million. The number of people unemployed increased by 9,400 people to 714,100 in August, the highest since November 1998.

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3 thoughts on “Unemployment hits 15-year high — and about Abbott’s sharemarket surge …

  1. Kevin Herbert

    Bernard at his sardonic best!!!

  2. Bill Hilliger

    Unemployment up? Nah, Tony will fix it – he said so didn’t he!

  3. klewso

    Boats and the unemployed keep coming…..?

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