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Melbourne Institute Monthly Bulletin of Economic Trends

Friday 21 November 2008

Unemployment to rise with more shifts from full-time to part-time work

The latest issue of the Melbourne Institute Monthly Bulletin of Economic Trends, forecasts growth in real GDP to slow to around 2 per cent, and inflation to remain at around 4.5 per cent.

According to Dr Michael Chua, a Research Fellow at the Melbourne Institute, We expect the unemployment rate to rise to just over 5 per cent by June 2009, with a shift away from full-time to part-time employment.

Dr Chua added that, recent policy actions will boost spending and ameliorate a softening in the labour markets. Moreover, the November issue of the Melbourne Institute Wages Report, notes that workers in the survey expect only a modest growth in their pay of 2.9 per cent for the coming 12 months – a good sign that there may not be any wage-price spiral.

The Melbourne Institute Monthly Bulletin of Economic Trends provides forecasts of the state of the Australian economy. Forecasts include: growth in GDP; consumption; the unemployment rate; the outlook for inflation, the 90-day bill rate and the exchange rate.

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 Cliff Howard
Communications and Publicity Manager
Melbourne Institute of Applied Economic and Social Research, The University of Melbourne
Phone : 03 8344 2154
Fax : 03 8344 2111
Email : howardc@unimelb.edu.au
Web : www.melbourneinstitute.com

 

 

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