A bleak jobs picture that’s set to worsen

The latest unemployment and workforce participation numbers underscore the tough economic conditions, and why the next rates move could well be down.

If we can believe the data -- and honestly, who knows at this point -- Australia’s labour market has eased further over the second half of the year and the unemployment rate is at its highest level since September 2002.

With the mining sector set to cut thousands of jobs and the automobile sector to do likewise, it might be a long time before conditions turn around.

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