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A much stronger than anticipated jobs figure yesterday buoyed the economy but the government has been quick to warn the improvement is only temporary.
The unemployment rate yesterday decreased by a surprise 0.3 per cent to 5.4 per cent for April, the ABS said, as 27,000 new jobs were created.
Employment minister Julia Gillard said despite the result unemployment would still rise.
“The global recession is there, hitting the economies of our trading partners, consequently hitting our economy and we’ve been clear with Australians. We expect that that means unemployment will continue to rise and we will publish our updated forecast next Tuesday,” she said, according to The Australian Financial Review.
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