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Unemployment rate set to increase

The number of Australians out of work is expected to reach 674, 000 when the official jobless rate is released on Thursday.

Economists predict the unemployment data will show the rate has grown from 5.7 to 5.9 percent in June.

The rate is expected to further increase over the coming months. Economists surveyed by BusinessDaily
said the jobless rate would peak around eight percent with almost 914,000 Australians without a job by mid to late next year or early in 2011.

ANZ job advertisements also recently revealed a 6.7 percent drop in the number of newspaper and internet job ads in June.

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Veronica Joseph

Veronica Joseph

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