Job cuts are set to dominate the economic news again this year, so it’s going to be important to keep things in perspective.
Official job figures out last week show the economy had 5500 fewer jobs last December than it did last November. As a result, the number of people looking for but unable to find work jumped by 16,600 to 656,400, and the jobless rate went from 5.3 per cent to 5.4 per cent.
Last year, total employment grew just 1 per cent, lagging behind population growth of 1.6 per cent. The economy needs to create about 13,000 extra jobs each month just to absorb population growth.
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