Almost 40,000 full time jobs were shed in the month of November. This unexpected weak outcome meant the unemployment rate rose to 5.3% from 5.2%.
For job seekers outside the mining and engineering industries, prospects do not look bright. Employment indicators undertaken by the ANZ Banking Group job advertising series indicate demand for workers are flat.
Treasury has forecasted the unemployement rate will rise to 5.5% by mid 2012.
This latest increase in the unemployment rate supports the Reserve Bank’s of Australia’s decision to cut interest rates by 0.25% earlier this week.
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