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Unemployment tipped to hit 6.5pc

Staff Reporter 1 minute read

Businesses’ hiring intentions continued to decrease in October with ANZ’s Job Advertisement Series falling by 5.9 per cent today.

The total number of internet and newspaper ads fell to a weekly average of 231, 135 – 9.8 per cent lower than in October 2007.

Newspaper advertisements fell most significantly to sit 34.7 per cent lower than in October last year – the slowest annual growth since 2001.

ANZ head of Australian economics Warren Hogan said “despite the weak October result, which may have been impacted by uncertainty surrounding the global financial crisis, we are maintaining our forecast for unemployment to rise modestly to 6.5 per cent by 2010.”

In contrast to unemployment spikes of 10 per cent in 1991 and nine per cent in 1982, Mr Hogan said he did not expect corporate Australia to respond to a slowing economy with widespread labour shedding.

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“The vast majority [of businesses] are still highly profitable by historical standards and have strong balance sheets and high cover ratios.”

Published: 03-11-08

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Unemployment tipped to hit 6.5pc
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