Australia Sees Unemployment Rate Jump
June 10, 2009 by Stephen Kersey
Filed under Business
Literally no country can hide from the global economic slowdown. Australia is yet another example. The unemployment rate in May jumped to 5.7%. That percentage is the highest in Australia since 2002.
Compared to the United States, Australia’s unemployment rate is actually pretty good considering that Americans are quickly gaining towards a 10% unemployment rate. That said, Australia’s government has already predicted that an 8.5% unemployment rate could be a reality within the next few years.
Australians are out of jobs for the same reasons why people in the United States are unemployed: a slumping economy. With less exports, there’s less work.
Despite the rising jobless rate, Australia citizens reported an increase in optimism about their country’s economy. Many economic experts believe that Australia will be able to avoid any huge financial meltdowns due to a strong banking system and outstanding business laws.
Kangaroos are Concerned (Image: Flickr)
