SA Unemployment at 4.7%

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SA Unemployment at 4.7%

#1 Post by Will » Fri Jul 14, 2006 10:44 am

Here is some SA Great news from the Advertiser:

Record jobs - and a warning



AS South Australian jobs reach a record high, unemployment is at its second lowest level since records were compiled.

Australian Bureau of Statistics figures released yesterday show unemployment at 4.7 per cent - below the national average of 4.9 per cent.
The trend has been evident throughout the country, with a record number of people in the labour market and 52,000 new jobs created last month.
The downside, economists are predicting, is that with the jobs boom could come a rise in interest rates.
Employment Minister Paul Caica said there were effectively 600 new jobs in South Australia last month. 746,100 South Australians in jobs," he said.
Youth unemployment also fell to 22.6 per cent in SA but was still above the national average of 21.1 per cent.
Business SA chief Peter Vaughan said, while the figures should be celebrated, it was important to focus on the state's skills shortages.
Premier Mike Rann said that with big mining ventures and the expected boom in the state's defence industry, there would be "more jobs to come in their thousands".
Because a strong jobs market allows workers to demand higher wages and push up inflation, economists predict the Reserve Bank will order a second interest rate rise.
If followed by lenders it would add $12 a week to the average mortgage.
Several economists brought forward their predictions of a rate rise, saying there was an 83 per cent chance of an increase in August.

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