Male manufacturers more likely to be unemployed in Victoria

unemp.jpg

The latest Australian Bureau of Statistics (ABS) jobless figures, released yesterday, revealed job queues in Victoria are likely to become increasingly populated by men than women.

The slowdown in the manufacturing and construction industries that traditionally employs men, will result in more men being jobless than women.

Due to the decline in Victoria's manufacturing heart, the state's unemployment rate has jumped to its highest level since March, reports perthnow.com.au

Last month, close to 5000 people joined the job queue.

Victoria's jobless rate rose to 5.6 per cent in August, up from 5.4 per cent a month earlier. Among men, the rate was 5.7 per cent, up from 4.8 per cent a year ago.

Unemployment rate for women working in professional services, health and education was down from 5.6 per cent a year ago to 5.4 per cent.

Westpac chief economist Bill Evans said “the fact is that downturns in both the manufacturing and construction sectors are adversely affecting male full-time jobs.”

The national unemployment rate fell to a three-month low of 5.1 per cent, down from 5.2 per cent in July.

According to TD Securities economist Annette Beacher, a concerning trend was developing in Victoria's unemployment rate.

"Victoria has been shedding jobs for the last three months, hence, the unemployment rate is creeping up towards 6 per cent," Beacher said.

According to economists, despite the improvement in August, the underlying weakness in the nation's job market could lead to further interest rate cuts before the end of the year.