The employers from Australia have unexpectedly lessened the payrolls for the month of July with an increasing unemployment rate that has been daunting the Government for the past four years. According to the statistics Bureau announced in Sydney the employed crowd has been dropped by 10,200. This provides a perfect comparison of the survey conducted by 24 professional economists who has given a rise of median estimate of 5,000 employees eventually.
The unemployed percentage was estimated to be around 5.7% since only few of them are searching for a job.
This information has emphasized the fresh challenges awaiting Rudd who is heading towards another economic management year ahead from the election that would be held on the September 7th. Glenn Stevens the Central Bank Governor forecasts that there would be a slower growth and softer labor market. This was the factor for the overnight 2.25% crash-rate from the year 2011 and this was further cut by 2.5% due to there has been a slip down in the resource investment resources. Though the unemployment percentage rate has not shown any rise the senior economist of Citigroup Inc. Joshua Williamson said, “The government shouldn’t be crowing too loudly because that was a result of less people looking for work. The result is not cataclysmic, but it certainly suggests this is a slowing economy.”
Once the report was viral there was a sudden drop in the Australian dollar and then recovered to 90.55 cents in Sydney. In the month of July Australia has seen a decline in full time employment rate by 3,500. The current report however provides a genuine measurement of a drop of 65.1% in the labor force in direct proportion to the total population. The economic industry has seen a severe currency squeeze of more than $1 from the month of June to May in the 2012. In this period of time there has been a decline in the local dollar rate by 12% and this condition has not assisted the manufacturers of the nation. According to a local gauge survey it was revealed that the manufacturers saw a deep plunge of 7.6 points to 42 during the July month.
And Stevens in the Aug 6 statement while announcing the decision to lower the rates said, “In Australia, the economy has been growing a bit below trend over the past year. This is expected to continue in the near term as the economy adjusts to lower levels of mining investment. The unemployment rate has edged higher.” According to the data issued by the Bloomberg from the labor force figures from the time Labor won the office in the year 2007 November there has been around 962,800 new fresh job opportunities generated. There have been resources of 122,300 mining jobs and 303,500 healthcare jobs created. But the manufacturing industries have declined its employment opportunities for 11,400 employees during this period of time.
Tony Abbott who is the Shadow Treasurer said to the reporters in Sydney, “The challenge for Australia right now is to create jobs and give people job security.” And the Opposition leader Tony Abbott yesterday promised to trim the taxes levied on companies by around 1.5 percentage points during his first major campaign message, confirming that it will be good for jobs. The economist Katrina Ell announced to the reporters at Moody’s Analytics in Sydney, “The election has become about who will better guide the economy as it transitions away from mining investment-led growth. Employment isn’t helping the government’s already difficult task of winning over voters.”