Is Unemployment Set To Rise?

If you found yourself back in the employment market, how well would your skills hold up? Are you competitive or have you slipped back into a comfortable place in your workplace?

According to a recent AAP survey of 17 economists, there is an expectation that the unemployment rate will rise, confirming fears the job market has weakened in recent months.  A median forecast for unemployment to rise to 5.2 per cent, from 5.1 per cent in August.

No matter what stage in the career cycle you find yourself in, keeping your skills current is a must. If your employer is not assisting your skill development, it may be up to you to take control of your own destiny.

According to the AAP survey, total employment will have grown by just 5,000 – not enough to keep up with population growth.

Meanwhile, the participation rate – a measure of the total number of people either working or looking for work – is expected to increase by 0.1 per cent, to 65.1 per cent. That means the employment market will be more competitive.

The Reserve Bank of Australia (RBA) cited weakness in the jobs market as one reason for its decision to cut the cash rate by a quarter of a per cent, to 3.25 per cent, last week. It is expected to cut it again in November, if there is a continuation of weak data.

Our advice is to always keep your skills current as the world moves at a surprising pace.

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