Unemployment gloom settles in for 2013
The gloom has settled in the Australian employment sector this month as hundreds more jobs are slashed across the country.
The bleak news began when Boral announced it had planned to cut 700 jobs from its national operations.
300 workers were stood down from Brisbane pipe manufacturer PPI Corp after the privately owned company went into administration and Vodafone is planning on slashing 300 jobs as it shuts down its Crazy John’s mobile phone operation.
These announcements fall into place as the official unemployment rate for December 2012 is expected to rise.
AAP’ survey of 14 economists reveals the general consensus is that the unemployment rate will jump from 5.2% to 5.4%.
In order to maintain the current employment rate, more than 20,000 additional people will need to find jobs each month.
Unemployment in Australia isn’t expected to improve anytime soon with job ads decreasing for the tenth consecutive month.
2013 will also see the mining investment boom peak and under performing sectors like housing continue to struggle to make up for the shortfall.