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Oz chalks up a wizard jobs rise
08.10.09
The bonzer Australian economy, which this week became the first major economic power to increase interest rates after the global recession, added 40,600 jobs last month while its peers in the west suffered rising unemployment.
The extraordinarily strong figure was better than all expectations and triggered predictions interest rates there will be hiked again soon. Money markets priced in an increase from the current 3.25% to 4.5% in the coming months. That compares with the British rate, expected to be kept on hold today at 0.5%, and the European Central Bank's 1%, also likely to be kept on hold today.
Analysts say Australia has benefited from its proximity to Asia, which is emerging rapidly from the recession.
Reader views (1)
I completely disagree with the jobs rise comment. Jobs have rised only from a part-time perspective and full time jobs are on a rapid decline.
I predict that the economy is doomed to failure following rate rise. Alot of facts are assumed that Chinese will helps Australia to be in a recovery mode. These baseless comments will form the pillar of Australias failure.
There is a % of population in Australia that has been unemployed even before the recession and global financial crisis begin. We call them the "Lazy bones" in Australia that rely on state benefits.
Realistically speaking the Asian economies will not survive if demand is not created from West and the Americas despite the statements that the asian economies need to become self sufficient. In bad times even the arrogant's comments on UK and Americas hold value.
- Jagdeep, Perth WA
