Australian jobless rate at 7-year high 5.7 percent

Dantheman62 · 06-11-2009, 05:58 AM

Australia's jobless rate rises to 7-year high of 5.7 percent as companies cut workers.

On Thursday June 11, 2009, 12:08 am EDT

CANBERRA, Australia (AP) -- Australia's unemployment rate rose to a seven-year high of 5.7 percent in May, government figures showed Thursday, reflecting job cuts at companies amid the slump.

"We've always said we were not immune from the global recession," said Employment Minister Julia Gillard, which said the increase was in line with market expectations.

The government predicted last month that the unemployment rate will peak at 8.5 percent in mid-2011, leaving 1 million people looking for work. In April, the jobless rate unexpectedly fell to 5.5 percent.

A survey released Wednesday showed Australian consumers swung from pessimism to optimism for the first time in 17 months after the economy avoided slipping into recession in the first quarter.

The Westpac-Melbourne Institute index of consumer sentiment posted its biggest increase in 22 years in June, leaping to 100.1 points from 88.8 from May. A reading above 100 means optimists outnumber pessimists.

http://finance.yahoo.com/news/Austra...-15496659.html

06-11-2009, 05:58 AM	#1
Dantheman62 Avalon Senior Member Join Date: Sep 2008 Location: So. Cal. U.S. Posts: 4,205	Australian jobless rate at 7-year high 5.7 percent Australia's jobless rate rises to 7-year high of 5.7 percent as companies cut workers. On Thursday June 11, 2009, 12:08 am EDT CANBERRA, Australia (AP) -- Australia's unemployment rate rose to a seven-year high of 5.7 percent in May, government figures showed Thursday, reflecting job cuts at companies amid the slump. "We've always said we were not immune from the global recession," said Employment Minister Julia Gillard, which said the increase was in line with market expectations. The government predicted last month that the unemployment rate will peak at 8.5 percent in mid-2011, leaving 1 million people looking for work. In April, the jobless rate unexpectedly fell to 5.5 percent. A survey released Wednesday showed Australian consumers swung from pessimism to optimism for the first time in 17 months after the economy avoided slipping into recession in the first quarter. The Westpac-Melbourne Institute index of consumer sentiment posted its biggest increase in 22 years in June, leaping to 100.1 points from 88.8 from May. A reading above 100 means optimists outnumber pessimists. http://finance.yahoo.com/news/Austra...-15496659.html