Jobless rate to stay just short of 6%

Jobs figures out on Thursday are expected to show a slight rise in the unemployment rate. Source: AAP

JOBS growth is still sluggish and the unemployment rate is expected to remain a little under six per cent for the coming months.

Official labour force figures will be released on Thursday, and the unemployment rate is expected to rise 0.1 percentage points to 5.8 per cent, according to an AAP survey of 13 economists.

The number of people with jobs is forecast to have increased by 10,000 in November, compared to a rise of 1,100 the month before.

JP Morgan Australia chief economist Stephen Walters said recent economic indicators do not point to a turn around in the weaker parts of the economy.

"Employment growth has been dismal in the second half of 2013, with the economy shedding a net 16,000 jobs over the past six months," he said.

"Weak employment growth has not had the expected impact on the jobless rate, however, largely due to the continued decline in labour force participation, which is tracking at multi-year lows.

"In this week's release, our forecast looks for a 10,000 gain in jobs, which, with an unchanged participation rate, should bring the jobless rate up to 5.8 per cent."

The participation rate - the percentage of the working-age population either in work or looking for a job - is expected have stayed at a seven-year low of 64.8 per cent for the third month in a row in November.

ANZ head of Australian economics Justin Fabo said the labour market will remain weak as the economy has a bumpy transition away from being one that is mainly driven by mining investment.

"The resources boom is now moving into the operational/production phase which is expected to be less labour intensive than the investment phase," he said.

"While this will likely see net exports contribute strongly to gross domestic product (GDP) growth over the next few years, growth in domestic demand and employment is likely to remain more subdued."

Mr Fabo said the jobs growth is not keeping up with employment growth and that will keeping the unemployment rate relatively high in November and the coming months.

"The unemployment rate is expected to have increased modestly to 5.8 per cent.

"ANZ forecasts the unemployment rate to remain between 5.75 per cent and six per cent for several months.

Anda sedang membaca artikel tentang

Jobless rate to stay just short of 6%

Dengan url

http://perjuanganpanjang.blogspot.com/2013/12/jobless-rate-to-stay-just-short-of-6.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Jobless rate to stay just short of 6%

namun jangan lupa untuk meletakkan link

Jobless rate to stay just short of 6%

sebagai sumbernya