Unemployment figures out today expected to rise
The official job figures for May released today are expected to show a sharp jump in the unemployment rate.
Economists are predicting unemployment will bounce back to 5.7 percent, where it stood in March before falling to 5.4 percent in April.
Minister for Employment Participation, Mark Arbib, says he is prepared for bad news.
“Unemployment continues to go up across the globe – you only have to look at the United States and Britain, and all the indicators are showing that we’ll get a rise today… we’ll have to wait and see.”
This news comes in spite of the fact consumer confidence is improving, with the Westpac-Melbourne Institute consumer sentiment index experiencing its biggest monthly jump in confidence in 22 years for the month of June.
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