Australian Unemployment Meets Five Year High

Australia’s Unemployment Rate jumped to 5.7% in May, matching that of March and meeting a high last seen in Feb. 2004. Continued market weakness comes just one month after the country’s rate of unemployment unexpectedly dropped for the first time since August. Much of the previous decline was due to Australia’s multiple fiscal stimulus packages which only delayed the inevitable. It appears now that the affects of these programs are weakening and that structural vulnerably in Australia’s economy is now a present danger.