Australia Sees Unemployment Rate Jump

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 …read more