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Melbourne Institute Monthly Bulletin of Economic Trends June

Friday 20 June 2008

Outlook for labour remains gloomy

The latest issue of the Melbourne Institute Monthly Bulletin of Economic Trends shows that the growth outlook for Australia remains below trend with reduced activity in the labour market. GDP is estimated to grow by 3.0 per cent in the June quarter of 2008 and forecasted to moderate to 2.4 per cent by early next year. The Melbourne Institute continues to forecast that underlying inflation over the next three quarters will remain above the top-end of the RBA's target band.

According to Dr. Michael Chua, a member of the Applied Macroeconomics Team, "The outlook for labour remains gloomy. The declines in dwelling commencements and the number of building approvals are indicative of further possible slowdown in the labour market, particularly in the construction sector."

The latest Melbourne Institute Monthly Bulletin of Economic Trends report can be found at http://www.melbourneinstitute.com/research/macro/bulletin.html

Contact
Dr. Michael Chua
Melbourne Institute of Applied Economic and Social Research, The University of Melbourne
Phone : 03 8344 2144
Fax : 03 8344 2111
Email : mchua@unimelb.edu.au

Media Contact
Mr Ordan Andreevski
Melbourne Institute of Applied Economic and Social Research, The University of Melbourne
Mobile : 0438 385 466
Fax : 03 8344 2111
Email : oan@unimelb.edu.au
Web : www.melbourneinstitute.com

 

 

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