South Australian unemployment decreased in May 2010 according to the Australian Bureau of Statistics. Labour Force figures show the seasonally adjusted unemployment rate for South Australia decreased 0.3 percentage points from the previous month’s figure to 5.3%. Statistics show the national unemployment rate for May decreased 0.2 percentage points to 5.2%. Nationwide the participation rate decreased 0.2 percentage points to 65.1%, while South Australia’s participation rate increased 0.2 percentage points to 63.2%.
After three consecutive months of rising unemployment, it is good news that the decrease in May exceeded the national average. While we remain just above the national unemployment rate, we certainly remain competitive in comparison with the eastern States. Although the figures are encouraging, the economic recovery remains volatile and consumers must be encouraged to spend.
Rising interest rates, unrealistic wage increases and increases in labour costs arising from transitional provisions to Modern Awards all have the potential to compromise this economic recovery. The local economy has performed well throughout the downturn, however recent consumer and business confidence surveys show downward trends following premature interest rate rises.
Please note that the statistical data is sourced from the Australian Bureau of Statistics.