Australia Consumer Unemployment Expectations Fall Sharply In January

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Australia's consumer unemployment expectations plunged 15.5% in January, reversing the 3.1% increase in the previous month, the latest survey by Westpac Bank and Melbourne Institute showed on Thursday. The unemployment expectations index is now 45.1% below its February peak.

Anthony Thompson, senior economist at Westpac, said that just as jobs growth on the way down did not fall by the extent implied by the index's peak, it is unlikely that jobs growth can accelerate as rapidly as the index is suggesting.

"Still, we do expect a rapid uptrend in jobs growth through the first half of 2010 in line with the rapid turn in this indicator," he added.

Australia's consumer unemployment expectations plunged 15.5% in January, reversing the 3.1% increase in the previous month, the latest survey by Westpac Bank and Melbourne Institute showed on Thursday. The unemployment expectations index is now 45.1% below its February peak. (Market News Provided by RTTNews)