Australian Employment Rate

As the Australian job market continues to outperform by adding 24,500 new jobs in October, instead of the expected 10,000 jobs, Prime Minister Rudd, and the Labor Government have something to celebrate about on their 2-year anniversary.

We expect job growth to continue in the long-term. Project such as Gorgon in Western Australia will continue to increase the number of jobs. According to the ACIL Tasman report, an additional 10,000 direct and indirect jobs are on the horizon, although it is believed that not all these jobs will go to Australians.

Other indicators paint a rosy picture for the Australian labor markets. We expect that unemployment, which was at 5.8% in October, may rise, but will curb at 6.4% in 2010, which is far lower than what the market expected peak of 9.1% earlier. Read more…

In The impact of the recession on the labor market, a report by the Office of National Statistics UK, published in May 2009, it was concluded that -

“In this recession, the real earnings indicator and productivity measures (unit wage costs and output per worker) have demonstrated changes consistent with previous recessions.

Real earnings have fallen, but as inflation has fallen they have shown some positive growth. The unit wage costs and output per worker in past recessions have responded quickly to upturns in output. This fits with the slower falls of unemployment and claimant count as firms look to use spare capacity first, as the economy expands.”

Companies are beginning to hire again. The HR Magazine announced the creation of new jobs across the UK in 2009.

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