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January 21 2015

A Dreary Jobs Outlook

"The Reserve Bank of Australia has confirmed a dreary jobs outlook, according to the Business Spectator. ""Labour market conditions remain subdued,"" the RBA said in its quarterly Statement. This was hardly news to anyone, coming the day after the official labour force figures confirmed the longest unbroken rising trend in the unemployment rate since the one generated by the early 1990s recession. Official jobs figures showed the trend growth rate in employment as 0.01% a month. So, any improvement would be welcome. But ""modest"" jobs growth is below the ""trend"" growth that would normally stop unemployment from rising. Not surprisingly, then, the outlook for unemployment is uninspiring."