SYDNEY: Australia's jobless rate fell unexpectedly for the first time in five months in September, prompting the government to claim yesterday its economic stimulus measures were helping defy the global downturn.
Unemployment fell to 5.7 per cent from 5.8 per cent in August, with figures showing the number of people with jobs jumped 40,600, while full-time employment rose by 35,400.
The news sent the Australian dollar soaring to a new 14-month-high of 90.33 US cents while the stock market gained 1.55 per cent.
"It's a phenomenal result," Commonwealth Securities economist Savanth Sebastian told Sky News after the data release.
But Employment Participation Minister Mark Arbib urged caution, saying that the figures reflected only one month's performance and emphasised the economy remained very fragile.
"The stimulus is working but again there's still a long way to go in the global recession," he told reporters in Melbourne.
"There's still a great deal of uncertainty about what is happening in the US, in Europe and in China and for those reasons the stimulus must be kept in place," he said.
Arbib also warned that 18,000 jobs had to be created every month for the figures to stay even.
But the numbers far outstripped economists' expectations and sparked speculation that unemployment had reached its peak. Analysts had forecast an employment decline of 10,000 with the jobless rate rising to 6 per cent.
Economists now say that the employment rate would probably not breach 6 per cent, despite a government prediction earlier this year of 8 per cent next year.
The surge in employment came two days after Australia became the first advanced economy to raise interest rates since the global financial crisis and promised more rises to come. - Reuters
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Malaysian Economy was good earlier before 2016 now it faces huge problem of employment and economy falling. The main source of a sound economy is depends on Agricultural Products and Industrial Products Exports.
ReplyDeleteWhen Zakir Naik from india enter malaysia bad days starts for malaysia and malaysian farmers. Due to zakir naik india stopped import of palm oil. It hits many farmers and sub workers and routine chain jobs. Now its a good time for malaysia to send him back to india and can improve business with neighbouring countries like india,nepal etc.,
Product demand depends upon population strength India and Chaina are top so keep good relation with these countries definitely small countries economy improves.
PM Mahathir M age crossed and he is not take right decision due to age problem better to start with productivity instead of community clash creater like Zakir Naik. Zakir naik is totally waste man and no revenue from him either mentally or by doing physical work like farmers. He and his day expenses is totally liability on malasians.
Kick him as early as possible to his birth country.
i m an economist want to suggest how fast bring up malaysian economy. 1)Man Power utilization for creativity of agriculture and industrial products. 2)improve exports 3) Build tourism centres will more attract european tourists. 5)recruit hard working people mentally and physically. 6)kick those who creates noise in the nation because youths loose their concentration.
ReplyDeleteVery important is good administration definitely lift the nation in top level.
many regards,