Australian Unemployment Rate Reached a 14-month High

The unemployment rate in Australia reached a 14-month high as it increased by 5.9% in February. It failed to meet the anticipated rate of 5.7%. This makes is a little bit worrisome to the economy as employment became sluggish between the months of December and January as well as the increase in wages to be slow for the past years. Hence, it is expected for the employment growth to be moderate and reached around 6% figure growth for the year.

If so happen that the unemployment rate suddenly rose, this could induce the Reserve Bank of Australia to cut rates. They are also dedicated to establish suited policy frameworks that will support stronger jobs growth, bringing opportunities for new jobs. Moreover, a positive outlook with a growth of 2 percent or slightly higher, according to the Westpac-Australian Chamber of Commerce and Industry survey.