“We expect the Australian labor market to deteriorate in coming months and the unemployment rate to finish the year in the mid-5%.
“We base this forecast on a combination our view that real GDP will remain sub-trend in 2019 and therefore below levels required to generate sufficient jobs growth and the recent softening across the leading labor indicators, which continue to signal a steady rise in unemployment.”
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
