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When will unemployment in Australia reach 7%?
Background: NZ TV news reported on April 10th that Australia has posted the largest monthly jump in unemployment in 18 years, as the global downturn hits the local economy. The jobless rate rose 0.5 percentage points in March to 5.7%, a five-and-a-half year high, Australian Bureau of Statistics (ABS) data showed.
It was the biggest monthly jump in the rate of unemployment since July 1991, when Australian economy was in recession.
Since the jobless rate touched a 33-year low of 3.9% in February 2008, the number of Australians joining the unemployment queue has risen by 213,900 to 650,900, an increase of 49%.
Deputy Prime Minister Julia Gillard said the global recession meant that domestic unemployment would be higher than the government previously forecast (The federal government had forecast the jobless rate to be 5.5% by June this year and increase to 7% by mid-2010). Clearly, they were wrong...
There is no guarantee that the pace will stay the same; the economy is clearly continuing to get worse. On the other hand, governments are doing what they can to stem the tide.
So, the question is: When will unemployment in Australia reach 7% as reported by the Australian Bureau of Statistics (ABS)?
Please note: The dates referred to below are the dates to which the report refers, not the date of announcement.
It was the biggest monthly jump in the rate of unemployment since July 1991, when Australian economy was in recession.
Since the jobless rate touched a 33-year low of 3.9% in February 2008, the number of Australians joining the unemployment queue has risen by 213,900 to 650,900, an increase of 49%.
Deputy Prime Minister Julia Gillard said the global recession meant that domestic unemployment would be higher than the government previously forecast (The federal government had forecast the jobless rate to be 5.5% by June this year and increase to 7% by mid-2010). Clearly, they were wrong...
There is no guarantee that the pace will stay the same; the economy is clearly continuing to get worse. On the other hand, governments are doing what they can to stem the tide.
So, the question is: When will unemployment in Australia reach 7% as reported by the Australian Bureau of Statistics (ABS)?
Please note: The dates referred to below are the dates to which the report refers, not the date of announcement.
Settlement details:As reported by a major mainstream news source.
Forecast history %
| June 2009 or before |
| ||||
| July - August |
| ||||
| September - October |
| ||||
| November - December |
| ||||
| January - February 2010 |
| ||||
| Does not reach 7% by the Feb 2010 report |
|
Question suspends in 1 week
- Activity: H$24,605 |
- Predictions: 54 |
Comments: 3
Suspend date: Tue 1st Dec 11:59pm PST (1 week to go)
Initial likelihoods: June 2009 or before: 15%, July - August: 15%, September - October: 20%, November - December: 20%, January - February 2010: 15%, Does not reach 7% by the Feb 2010 report: 15%
Action history:
Suspend date: Tue 1st Dec 11:59pm PST (1 week to go) details 
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Comments (3)
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This news is selected automatically based on the question, its background, options and tags
This news is selected automatically based on the question, its background, options and tags
score: 10
IndustrySearch 27 weeks ago
6.75 per cent by the end of 2009 and almost eight per cent in 2010. Australia's unemployment rate fell 0.3 per cent to 5.4 per cent in April, Australian Bureau of Statistics data released last week showed. Despite a rebound in April's jobs data
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TMC Net 27 weeks ago
6.75 per cent by the end of 2009 and almost eight per cent in 2010. Australia's unemployment rate fell 0.3 per cent to 5.4 per cent in April, Australian Bureau of Statistics data released last week showed. Despite a rebound in April's jobs data
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ONE News 28 weeks ago
including our own,' Gillard, who also holds the employment portfolio, told reporters in Melbourne. 'We do expect the unemployment rate to rise, and our most recent forecast will be made available at the time the budget is released next week.' In
score: 10
Sydney Morning Herald 28 weeks ago
s figures do not make a trend. The Employment Minister, Julia Gillard, welcomed the surprise improvement in the unemployment rate, which fell from 5.7 per cent to 5.4 per cent, but said the budget on Tuesday would still contain gloomy forecasts for
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Herald Sun 28 weeks ago
are the figures true? NAB Capital senior economist David de Garis said: Does anyone really believe that the unemployment rate went from 5.2 per cent to 5.7 per cent in March and back to 5.4 per cent in April? The truth is somewhere in between. Christian
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