Unemployment falls again - At 5.5% in Dec 09
Good news for the Australian Economy once again. ABS has reported that the unemployment rate fell to 5.5% in December from 5.6% in November (seasonally adjusted). Main reasons for this reduction; an increase in part time employment for 27,900 people (taking part time employment to 3.271 million. Full time employment also increased by 7,300 people (full time aggregate employment is now at 7.6 million people). However it is important to understand what the definition of what is being measured here. The ABS conducts a survey to 0.33% of the population of Australia (over the age of 15) and asks whether the respondent has worked for 1 hour for pay or profit in the last week (or are employed to do so). If so, they are counted as employed. Unemployed people are defined as people 15 years and over who are not employed but have actively searched for work in the past week and could start work in that reference week if required. Full time work is defined as working over 35 hours, Part time is an...