July 11, 2013: Global recruitment firm, Michael Page, attributes subdued economic conditions to the increase in unemployment across Australia in June 2013.
The Australian Bureau of Statistics (ABS) reports the national unemployment rate rose from 5.5 per cent in May 2013 to 5.7 per cent in June 2013. According to the firm, the employment market in Australia has been impacted negatively by the slow recovery of the US and EU economies and softening economic conditions in China.
"Global economic conditions remain mixed and this is translating to an easing of growth in many of Australia’s major trading partners, including China, the US and Europe. Accordingly, domestic economic conditions remain subdued and below trend, and activity in the mining sector has slowed dramatically. This is lowering confidence levels and further weakening the employment market,” says Mr. Simon Meyer, Managing Director of PageGroup in Australia.
“For the remainder of 2013 it is expected domestic economic conditions will remain tight and hiring activity will be subdued. As all sectors remain very cautious on the outlook, there will be replacement hiring only, with some companies to implement restructuring plans to adjust to the current subdued conditions,” adds Mr. Meyer.
For more information on employment trends in Australia, visit the 2013/14 Michael Page Australia Salary & Employment Forecast.