Australian economy gains 1,100 jobs in May, jobless rate flat at 5.5%
- Thread starter Ouch
- Start date
[youtube]http://www.youtube.com/watch?v=0A5XOIMs6D0[/youtube]
willrocks said:
I think the amount of people retiring and dying might counteract that somewhat - especially given the imminent wave of retirees.
Smoothcriminal said:
The ~30,000 per month birth rate doesn't include migrants.
The Australian population is growing at 1.7% per year. That's 382,500 people, or 31,875 people per month. That figure factors includes immigration, deaths, births ... etc.
As for people retiring. It would mean we need even more jobs to support each retiree.
So only gaining 1100 jobs per month is very concerning if it continues.
How is 1,100 not rounding error? Is it positive on all measures (trend, original, seasonally adjusted or whatever) or just on the one picked for the news release?
Actual increase of 5000 people unemployed in real terms. Unemployment figures are seasonally adjusted (I'm not a statistician so I don't get how they do that), but basically they don't give a true picture of the market. Surprise surprise 
Also what i can't get my head around is that some people actually use that data to make financial decisions - I guess in the hope that they're not the last sucker in line. Sounds like every other market index or report doesn't it?
Anyway, here's a link to a good interview on ABC Newsradio today about the reality of the unemployment situation.
http://mpegmedia.abc.net.au/newsradio/audio/20130613-elconsult.mp3
And some background info on E.L. Consult and their executive employment index.
Also what i can't get my head around is that some people actually use that data to make financial decisions - I guess in the hope that they're not the last sucker in line. Sounds like every other market index or report doesn't it?Anyway, here's a link to a good interview on ABC Newsradio today about the reality of the unemployment situation.
http://mpegmedia.abc.net.au/newsradio/audio/20130613-elconsult.mp3
And some background info on E.L. Consult and their executive employment index.
B
Byron
Guest
Earthjade said:
Yep, not to mention underemployment as reported on ABC news has had a sharp increase and is hovering around 15%.
As for unemployment why doesn't our government:
1) Immediately ban the issue of 457 visas and deport workers on these visas after they have finished their contract.
2) Stop the Trojan Horse policy of allowing overseas students to become permanent residents once they complete their studies. No more Mickey Mouse degrees. Universities just pass these students through because of the fees they collect. Dare I say a large percentage would not even pass primary school let alone be able complete a higher education degree its a bloody joke.
3) Stop bringing in 300,000+ immigrants every year. Its national suicide.
Byron said:
Depends on what kind of migrants. Business migrants are great value to the Australian economy. If they want to migrate here they need to have a lot of cash in their bank account and one of the visa requirements is that they need to hire at least one Australian citizen for their business. The government is not stupid.
Ouch said:
And according the the ABC news yesterday consumer confidence is up in June... Apparently a lot of people don't seem to believe that a recession can happen here.
I'm very confident as a consumer myself - I'm confident that all prices, property, equity, PMs, and retail products alike, will have to come down a lot more. At times like this it is important to save and have the cash to be ready to pick up cheap things.
Chelsea said:
You forgot about the part where the cheap prices lead to the mass closure of retail businesses, wholesalers and the flow on effects through the transport and commercial leasing sectors along with all of the businesses that depend on retail. The unemployment that this will cause will reach every business in Australia no matter how safe you think your job or business may be. Prices cannot "come down a lot more" in the items that you mentioned without putting hundreds of thousands of mortgage holders under water and at risk of margin calls from their banks and without shutting down hundreds of thousands of businesses that are already barely breaking even and leading to the loss of countless jobs. Yes, if you are cashed up you can profit from the misery of others and buy yourself lots of fun stuff but you will have to protect all that neat stuff from people who have nothing and you get to live in a society that is descending into a depression along with the rest of the Western world.
Jonesy said:
I can see where you are coming from and i think your opinion is very respectable.
However, those who will be in misery is because they don't save during good time and borrow money that they shouldn't have in the first place. We can all have what we want NOW if we don't mind having a big debt e.g big mortgage, business loan. Our treasurer didn't see all this coming and in spite of many good years in a lucky country suddenly we have no money left. Those who don't save during good time can't blame others for their misery.
By the way I'm not cashed up, just a normal worker who don't spend money I don't have and be ready for anything that can happen in the coming years.
Chelsea said:
The big problem that I can see right now is that Australian people and businesses have been so used to the years of prosperity and easy finance during the Howard years that they leveraged themselves up to levels that require a consistent income and turnover to keep paying back the debt. Now what is happening is that the economy is contracting and businesses aren't seeing the turnover that they once did. Internet shopping also isn't helping. As a result businesses simply cannot lower their prices, landlords cannot lower commercial rents and people cannot lower the selling prices of their properties without going under water. There will of course be lots of bargains to be had but they will be a poisoned chalice because they will be bargains from closing down sales. Every one of those closures will cost jobs, leave landlords with empty buildings and suppliers without customers. We have already seen that movie playing out in Europe and America and it's not fun. Problem is that no matter what business you are in you will be affected because there will be less customers able to afford your (or your employer's) services. The only people who profit from depressions are the super wealthy who can sustain themselves financially for year after year and who can buy outstanding assets (as opposed to consumer toys) for pennies on the dollar.