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The unemployment rate remained unexpectedly steady in October despite deteriorating economic conditions and predictions it will rise to 5.75 per cent by 2010.
According to ABS figures released yesterday, the national unemployment rate held steady at 4.3 per cent in October.
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The result was spurred by 43,500 new part time jobs; full time employment fell by 9,200.
While October’s figures remained strong, evidence is growing that more Australians are set to lose jobs.
The Commonwealth Bank is the latest institution to be rumoured to be cutting staff; while last week’s ANZ job ad series for October showed internet and newspaper job ads were down almost ten per cent year on year.
Published: 07-11-08
