Jobs Sydney figures double in unemployment
Friday May 15, 2009
Jobs Sydney and the NSW unemployment rate have shown somewhat contradicting trends with the state's unemployment declining from 6.8 percent to 6 percent in April 2009 whereas Sydney itself is approaching the 10 percent unemployment rate in some suburbs.
The Australian Bureau of Statistics report concluded that jobs Sydney have undergone a strong decline with the city's jobless rate already approaching 10 percent in the inner city and inner west suburbs. It must be noted that this report is a small scale representation and based on a sample size to determine jobs trends and patterns.
Jobs trends the report showed were jobs Sydney in the inner city had doubled in the number of unemployed since December 2008, climbing from 15,800 in December to 31,900 in April 2009. The massive increase has been attributed to the fact that Sydney had the highest concentration of jobs in the finance sector, a sector that has recorded a huge number of jobs cuts over recent months.
Inner west suburbs of Sydney have also seen a massive increase in unemployment with a jump from 4.6 per cent in December to 9 per cent in April. The report stated, however, that these areas have always maintained a higher unemployment rate than jobs Sydney in the city so they may remain fairly consistent over the approaching months.
This latest report regarding jobs Sydney follows last week's Australian Bureau of Statistics report that showed that Australia's unemployment rate had actually declined from 5.7 percent to 5.4 percent. Although, the report did find that the actual number of hours spent working had also declined, which is typically viewed as an indicator to a rising unemployment rate.
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