Economies all over the world have struggled in recent years, as the global downturn continues to have a negative affect on employment levels. In some places, however, there are signs that the jobs picture is steadily improving.
Bloomberg reports that Australia's unemployment rate stood at 5.1 percent in July, lower than the 5.2 percent it totaled the previous month. Analysts surveyed by the news outlet had expected the country's unemployment rate to rise to 5.3 percent, but were pleasantly surprised.
“The fact that the unemployment rate continues to oscillate within a relatively stable 5-5.25 percent band, with full employment estimated to be a little shy of 5 percent, supports the RBA’s call that policy has been appropriate,” said Jarrod Kerr, director of Australia rates strategy at Credit Suisse Group AG in Singapore in an interview with the news source. “The report does not have enough meat in it to satisfy the bears.”
Not all the news from the Land Down Under has been positive, however. Australian airline Qanatas announced that it would be laying off more than 2,800 in a recent statement after a recent decision by the Fair Work Australia tribunal.