A private survey on unemployment from Roy Morgan estimates 10.9 per cent of the Australian workforce was unemployed in January 2013, up 1.3% over the past month and now sitting at the highest rate since January 2002.
In other news, Retail trade figures released by the RBA show Christmas trading was poor in 2012 with December retail spending falling a seasonally adjusted 0.2%. Economists had expected a 0.3% rise.
Retail spending fell in each of the three consecutive months in the lead up to Christmas.
» New Year Begins with Unemployment up 1.3% to 10.9% with record 2.4 million australians either unemployed or under-employed – Roy Morgan Research, 6th February 2013.
» 8501.0 – Retail Trade, Australia, Dec 2012 – Australian Bureau of Statistics, 6th February 2013.