Economy

Dec 12, 2013

Brace for the r-word: steady job figures mask a sluggish economy

There's no need for alarmism: the Australian economy will cope with the job losses generated by Holden, Qantas and other closures, Glenn Dyer and Bernard Keane write.

closed

On the face of it, today’s November employment and jobs report from the Australian Bureau of Statistics was better than expected. But in reality, it was another in the growing line of monthly reports that describe a sluggish labour market that matches the sluggishness seen in other areas of the economy.

While housing and retail sales have been doing better since September, and car sales (!) are still solid and on their way to more than 1.1 million units sold this year, other sectors of the economy and the fading mining and resources sector continue to pressure the economy. The still-high value of the dollar isn’t helping, but it is down 14% or so on its 2013 high from April of close to $US1.06.

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4 comments

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4 thoughts on “Brace for the r-word: steady job figures mask a sluggish economy

  1. CML

    You two may gloat away, because you think you were correct, in economic terms. Whoever said we live in a society, not an economy, was dead right.
    You haven’t got a clue!

  2. Jimmyhaz

    Things will get far far worse if our glorious overlords actually attempt to achieve a surplus, this could be just the beginning.

  3. Mark out West

    “But who’s to say something similar won’t appear in a year or two to help ease the pain of transition for the Holden workers?” (A Pollyanna comment)

    The mining capex downturn will be at it’s zenith in 2016/2017 when most of the infrastructure has been built. So the onset of 60,000 more unemployed along with huge numbers from the construction industry will be our Perfect Storm.
    The economy is not your strong point Bernard

  4. Jayden

    Whatever happened to a “Positive Mental Attitude” there has always been times when things don’t go as we would like, there have been victims, but there has also been victories – change does present opportunities. Pessimistic individuals wait for someone else to do something to improve their situation – optimistic individuals take a proactive stance and try to do something themselves to improve their situation and never give up trying.

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