New consumer expectation figures from Westpac and the Melbourne Institute indicate that Australians felt more secure in their jobs in July, compared to June, but were still far more pessimistic about the labour market than usual.
Westpac senior economist Justin Smirk reported this morning that paraprofessionals and tradespeople were becoming more worried about unemployment, as the mining, construction and manufacturing sectors contracted.
Managers and professionals already were pessimistic about the labour market, Smirk noted, while sales and clerical employees tended to be the most optimistic.
Here’s what he said:
The trend level of the index is now 22% higher than its long run average. This is something we are watching closely as it suggest we are still in a soft patch for the labour market and that unemployment is set to continue to rise modestly in the year ahead.
In particular, it is pointing to a very weak outlook for full-time employment and total hours worked.
By city, the largest deterioration has occurred in the mining regions. In particular, WA is equal with Qld in being the most pessimistic about the labour market while NSW is now the most optimistic.
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