Local unemployment remains steady

South Australian unemployment remained steady in November according to the State’s leading business membership organisation, Business SA.

The Australian Bureau of Statistics Labour Force figuresshow the seasonally adjusted unemployment rate for South Australia in November 2011 remained at 5.3 per cent.

Statistics show the national unemployment rate for November increased 0.1 percentage point from the previous month’s figure to 5.3 per cent.

Nationwide the participation rate decreased 0.1 per cent to 65.5 per cent, while South Australia’s participation rate increased 0.1 per cent to 63.4 per cent.

Business SA Chief Executive Officer, Peter Vaughan, said the stability in local figures provided some positive news, however the banks must now act on interest rates.

“South Australia’s unemployment remained at 5.3 per cent in November and we are now sitting in line with the national average,” Mr Vaughan said.

“With confidence levels remaining low throughout the economy, the local unemployment data reflects some stability, however pressure remains on many local businesses.

“Both full and part-time employment increased in South Australia in November which resulted in a relative increase to employment levels.

“The Christmas trading period is a time when there should be a greater demand for people in the workforce and we hope to see this in next month’s data.

“It is essential that all banks pass on the latest interest rate reduction as soon as possible so that the entire economy can be given a much needed boost at what is a very important time of year.

“The banks have reacted very quickly to rate increases in the past and there should be no excuses in delivering this relief to consumers and businesses.”