Over 100,000 could join unemployed ranks as Australian economy slows

**Aldo** · 08-09-2011, 06:17 AM

The number of employed persons fell for a second month in a row, declining by a seasonally adjusted 9,700 to 11.433 million in August compared with expectations for an increase of 10,000. This followed a revised 4,100 drop in July. The number of employed people were 1.2 percent higher than last year.
Meanwhile, the unemployment rate rose to 5.3 percent, the highest since October 2010, from 5.1 percent in July. Economists had forecast the rate to remain steady.
The number of unemployed persons increased by 18,400 from the previous month to 636,800. This was 5.6 percent higher than in August 2010.
The participation rate remained unchanged at 65.6 percent as expected. The number of persons looking for full-time work increased 24,500 to 458,900, while the number of persons looking for part-time work decreased 6,100 to 177,900. A strong Australian dollar is hurting trade-exposed industries like manufacturing. Last month, Australia Treasurer Wayne Swan said that manufacturers are facing tough times, but there is no silver bullet to relieve them from the pressure arising from changing global and domestic economic environment.

**ophidian** · 08-09-2011, 08:46 AM

Unfortunately there will be more on the way as the States and Territories start cutting the fat from the public service which is vastly over-employed.
http://www.dailytelegraph.com.au/new...-1226131761724