The drop in unemployment and what it means for you

Posted October 13, 2011, by Louisa Veidelis
 

It was announced today that the unemployment rate has dropped to 5.7 per cent, reflecting Australia’s continuing path to recovery from the global recession. The improvement came as a surprise after financial markets and economists had predicted the rate would increase to 6 per cent. Unemployment remained steady at 5.8 per cent from July to September.

The issue of underemployment also appears to be improving as 35 400 of the 40 600 jobs created in September were full-time positions.

Ben Potter, a research analyst from IG Markets, believes that the statistics released today could mean that we’ve seen the end of high unemployment for now.

‘The creation of 40 000 jobs against forecast losses of 10 000, and the unemployment rate falling to 5.7 per cent, would certainly seem to suggest we have seen peak unemployment, particularly given the positive reads from recent forward looking indicators,’ Potter told the ABC yesterday.

However, the Treasury is concerned that these gains could be prematurely curtailed if the Government’s future stimulus spending is cancelled. Treasury Secretary Ken Henry warned that a further 100 000 jobs could be lost if the Government’s planned stimulus spending was scrapped.

What does this mean for you?

While we’re not in the clear yet, the emerging strong labour market means that cautious optimism is in order. If you’ve been thinking about a career change but waiting for the right time, it may be approaching – just as many companies’ hiring freezes are starting to thaw. Do some quiet research and consider your options – you might consider moving into an area where there are still skills shortages.

What jobs are suited to you? Do the Career Personality Test for FREE today and find out whether you’re in the right job!

 
Louisa Veidelis

Academy Xi
ACBI (Australian College of Business Intelligence)
AIBI Higher Education
AIM Business School
ALC Training
Australasian College of Health and Wellness
Australian College of Physical Education
Australian Institute of Business
Australian Institute of Management Education and Training
Australian Institute of Personal Trainers
Billy Blue College of Design
Builders Academy Australia
Building and Construction Training Australia
Celtic Training
Collaboration Learning
College for Adult Learning
Demi International
Ducere Global Business School
Ella Bache College
Endeavour College of Natural Health
Foundation Education
Gateway Training Academy
GROW Training Group
Hader Institute of Education
Hammond Institute
Health Courses Australia
Industry Skills Training
Insight Training
James Cook University Online
La Trobe University
Lumify Learn
MCI Institute
Melbourne City Institute of Education
Melbourne College of Further Education
MiTraining
Monarch Institute
Monash College Future Skills
National Business Institute of Australia
Nepean Industry Edge Training
Onfit Training College
Open Colleges
Original Campus
Outsource Institute
Parker Brent
Pet Stylist Academy
Phillips Institute
Plenty Training
RMIT Online
Sero Institute
Serve It Up
The Hotel School
The Institute of Applied Psychology
Torrens University Australia
University of Adelaide
University of the Sunshine Coast
UNSW Online
Upskilled
UTS Online
Victoria University Online
Torrens University Australia
Torrens University Australia
University of East London
Southern Cross University