Job Seekers Sound the Alarm as Unemployment Rate Hits 12-Year High

Australia’s economy has held steady in recent years, despite the fact that many of its European neighbors continue to struggle. Despite what appears to be a strong economy, the nation’s unemployment rate continues to rise; making may economists and analysts uneasy about Australia’s economic future.

Concern revolves around a sudden spike in unemployment throughout Australia, with the Bureau of Labour and Statistics reporting a .04 percent increase in recent months. Currently, the national unemployment rates hovers just under 7%, at 6.7% (and rising), despite what appears to be a strong economy. This is the highest unemployment rate seen in the country in over 12 years.

What worries economists the most is the steady rise being seen across all industries. In April 2014, the national unemployment rate was just 5.8%. This is a dramatic increase that must be investigated.

Youth Unemployment on the Rise
To make matters worse, unemployment amongst the nation’s youth is as high as 20% in some regions like north and west Tasmania and reaching into Queensland and Melbourne. This could be, say some analysts, a sign of things to come for all Australian job seekers.

High unemployment figure are often a precursor to tougher economic times in the near future, say some, giving many job seekers angst over their ability to land a job anytime soon.

Are the Numbers Really What They Seem?
Still, there are those analysing Australia’s unemployment rates that claim that the numbers aren’t really as bad as they seem. According to the Department of Labour and Statistics, jobs are not being lost in Australia’s current economy, but rather, more people are joining the workforce. With more people seeking jobs throughout the land, the unemployment rate rises; not because there are fewer jobs, but rather an increase in those wanting a job. In June 2014 alone nearly 44,000 new job seekers entered the arena.

 
A recent report actually shows an increase in job growth throughout Australia, with 43,000 jobs being added in July. So, although jobless rates are increasing, so are the jobs being created. The problem, experts say, is the increase in job seekers, which is outpacing a strong economy and job growth. This is in part due to more youth seeking jobs; more women seeking fulltime employment; and even more older Australian’s re-entering (or remaining within), the workforce longer.

The dilemma, according to many, is increasing job growth at a pace that keeps up with the increase in participation throughout Australia.

So what’s Australia’s Real Employment Outlook?
While many fear that current unemployment rates will continue to rise, dragging down Australia’s strong economy, most experts agree that current job growth is strong and more jobs will be added to help offset recent surges in participation levels.

If you are currently dealing with unemployment, there are many services and benefits available to help you bridge the gap financially and assist with finding new employment. Visit our unemployment section for more detail.

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