In this post we look at interest and unemployment. International interest remains low. Europe has just hit rock bottom. Interest in Australia is not expected to go up any time soon, unless people go crazy on property values. The main reason is that unemployment is not expected to get substantially better until 2016. There was a positive surprise in August bringing official unemployment back to 6.1%, but that was mostly due to a huge surge in part time employment. Its too early to judge if unemployment is getting better sooner than later.
Acc to ABS Victoria sits at ca 7% and just wait for Ford and Holden to leave ! Acc to Roy Morgan Australia shows 8.7% unemployed and 8.8% underemployed in August ! This should keep a tab on under median level house prices.
Full-time employment rose 14,300 to 8.094 million in August and part-time employment was up 106,700 to 3.609 million. The participation rate — those that have a job, are looking for work or are ready to start work — rose to 65.2 per cent, from 64.8 per cent in July.
By state, the jobless figures were:
- NSW — 5.7 per cent, down from 5.9 per cent
- VIC — 6.8 per cent, down from 7.0 per cent
- QLD — 6.7 per cent, down from 6.8 per cent
- SA — 5.9 per cent, down from 7.2 per cent
- WA — 5.0 per cent, down from 5.2 per cent
- TAS — 7.1 per cent, down from 7.6 per cent
Meanwhile, Seek reported a 3.5 per cent increase in job ads in August, led by non-mining sectors.