Today’s labour force report for March is expected to reveal another jump in the unemployment rate to atleast 5.4 percent.
Economists are warning that around 30,000 jobs may have been lost in March, with Michael Blythe, chief economist at Commonwealth Bank research predicting the unemployment rate will rise once again.
“The consensus is for a large fall in March employment… the economy is sliding into recession. There are plenty of anecdotes about job losses.”
The reports are in direct contrast to the Westpac-Melbourne Institute Index of Consumer Sentiment which shows consumer confidence has soared to a 13 month high, jumping by 8.3 percent in April.
The increase in consumer confidence has been aided by a stronger Australian dollar, along with the anticipation of the Federal Government’s stimulus payments, according to Westpac chief economist, Bill Evans.
The Australian Chamber of Commerce and Industry has predicted that unemployment rates will continue to climb, reaching 9 percent by 2010.
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