Going a little south to Australia, the country today heard of news that hasn’t touched the ears of many around the world – number of jobs increased by 32,000 for the month of July, keeping the unemployment rate of 5.8% intact. This, according to the report, is due to an influx of part-time workers, which is not really counted against calculating the unemployment rate. Having said that, looking strictly at the full-time jobs as well as the number of hours worked, the news is not as positive.
Courtesy of the FT report:
The number of full-time jobs fell 16,000 in July, a 2.4 per cent contraction, marking the sixth straight monthly fall.
Figures showed that on the basis of hours worked, Australia’s labour market was deteriorating. The number of hours worked dropped sharply in July, falling 0.4 per cent for the month, and down 2.9 per cent from the same month last year.
However, doubts cloud the positive news as the stimulus program, which handed out cash to middle- and l0w-income citizens, loses its effect and capital spending.