Wednesday, May 27, 2009

Australia's Frozen Job Market

While Australia's economy has done relatively well during the crisis due to their commodity exports to China, their job market is apparently as dreadful as ours. The Age details an index that I had not been previously aware of:

Skilled vacancies dropped 7 per cent in May, according to the latest Government data, easing the pace in declines for the nation's jobs outlook.

The slump follows a 8.9 per cent fall in the April reading of the index, compiled by the Department of Education, Employment and Workplace Relations. It marks the 18th consecutive month of falls, as the nation struggles with weak demand for workers triggered by the recession after an earlier shortage of skilled workers put a lid on hiring at the height of the economic boom.

The DEWR vacancies index, compiled from job ads in major metropolitan newspapers across the country, is a leading indicator of the labour market.

"The monthly fall in skilled vacancies was widespread, with decreases evident across most occupations," DEWR said, with medical and science technical officers down by 20 per cent.
Taking a look at this job index by sector and sub-sector (in year over year terms) we see that no area has truly been safe (with the interesting exception being marketing and advertising).

Source: Workplace.Gov.AU

1 comment:

  1. The NBC pundits (Chatzky and Wong) are bound and determined (paid) to plug their coorporate sponsors and perpetuate the 'multiple credit card' lifestyle. Their claim is that you need more than one to build reasonable credit, finance a home, and be relatively secure financially. THAT IS ANOTHER FLAT-OUT LIE. The industry is simply too corrupt and predatory to deal with. It has been for at least 20 years. The use of 'multiple credit cards' is simply too risky, addictive, complicated (check that fine print), and ultimately expensive. In the vast, overwhelming majority of cases, the 'multiple credit card' user has ended up further in debt year after year after year. Their credit was built to some extent on a temporary basis and their ability to repay loans was diminished gradually right along with their bottom line. They ended up paying as much or more in finance charges as they did on principal. That is OBSCENE. Now, their net worth is way down. Their ability to get out of debt f#$&@#. That 'credit' didn't get them anything but F#$#@#. Still, those NBC pundits (liars) have the nerve to perpetuate that 'multiple credit card' lifestyle as if it were ever legit or necessary to begin with. It wasn't. Until two years ago, one could have built reasonable credit with a stable income, a checking account, a savings account, one secured credit card, one loan for a used car, one loan for a new car, and a reasonable downpayment. Until recently, that was enough credit to get a first home loan. Now, the economic boom is OVER. The majority are F#$&@#. Its only going to get worse. A LOT WORSE. The window for ordinary (decent) people to stake their rightful claim is closing fast. They better get out of debt soon and well prepared for the comming US/global depression. It will be catastrophic. Under these circumstances, it is downright reckless and irresponsible to promote more use of credit cards. Only a calculated PIG with an ulterior motive would have the nerve. The 'multiple credit card' lifestyle wasn't the only cause of this economic crisis but it was a contributing factor. Another vehicle amoung many to transfer wealth from poor to rich. Which again, is the single greatest underlying cause. IT WILL BE OUR DOWNFALL.

    This is part of a much larger issue. We are in big trouble. Search the following line: "The campaign to divert our attention has taken a new turn."