14,600 jobs shed in June: ABS
NEW South Wales and Queensland suffered the greatest job losses in June as the employment market weakened, according to a Westpac economics update.
Some 14,600 jobs in NSW and 10,400 jobs in Queensland were lost in the June, data released by the Australian Bureau of Statistics revealed on Thursday.
And unemployment will continue to rise, in reaction to the global uncertainty finally taking hold.
The news came as retail giant Myer looked to shed more than 100 jobs around the country, primarily in capital cities, and 700 jobs were at risk in Darrell Lea's regional stores.
National employment fell by 27,000 jobs in June, pushing the unemployment rate up 0.1% to 5.2%, while the more clear economic indicator - the workforce participation rate - fell to 65.2%.
"Overall, the June labour force survey is consistent with our long-held expectation that the labour market will soften through 2012," Westpac's economic update said on Thursday.
The update also revealed the labour market was likely to keep weakening, with unemployment expected to rise to about 5.7% by the end of the year.