Unemployment Problem In Australia

Australian unemployment rate rose to eight months high in July 2011 offers more concerned about the slowdown in the economy. Unemployment was 5.1% in July, the country said. There is concern that higher borrowing costs and weak consumption, combined with flooding earlier this year, the economy is bad. Australia Bank last week cut its forecast for annual growth of 3.25% from 4.25%.Analysts said that given the current economic situation, unemployment is likely to remain high for some time. "I think comfortably leading indicators tell us that the future is not enough jobs to reduce unemployment stable," said Su-Lin Ong of RBC Capital Markets. "The fact that it has been inspected, we have to see if this is the beginning of the rise," he added.Despite the rapid growth in recent years, concerns about long-term outlook for the Australian economy, not least in the different growth rates in different segments. Although the mining industry continues to boom, driven by demand from emerging markets across the economy slows. Earlier this month, data showed that retail sales fell 0.1% in Australia in June in May, the second consecutive monthly decline. Last week I gave Bank of Australia (RBA), that "there is a big difference in the mining and related sectors and the rest of the economy."The central bank said that this difference in development is a growing toll of Australia. Analysts said the latest unemployment figures, the RBA to raise interest rates policy will take, although he warned that it is more likely that a substantial interest costs instead of decreasing remains on hold. "The risk that prices are on their way to relax, but it's not our base case that they cut this year," says Benjamin at the strength of the Macquarie.