Unemployment stays at 5.8% for third month in Australia

09/10/2009 | Forbes

After seeing Australia's unemployment stabilize at 5.8% for three months, experts are making revised and more optimistic forecasts for the job market. The government had predicted that joblessness would peak in the middle of next year at 8.5%. "We're getting some early indications that the jobless rate may be peaking around 6%, and that's a whole lot lower than what a lot of economists thought," said Craig James, chief economist at financial-management company CommSec.

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