FED: Unemployment drops to lowest level since 1990

AAP General News (Australia)
08-13-1999
FED: Unemployment drops to lowest level since 1990

Prime Minister JOHN HOWARD has described the drop in Australia's unemployment rate as
magnificent, but says more reforms are still needed.

The jobless rate dropped two percentage points to a nine-year low of seven per cent in
July.

And employment rose by 17,800 -- meaning just under 8.8 million people are now in work.

But Mr HOWARD says more needs to be done, and has called on the Senate to pass laws to
entrench junior wages and to exempt small firms from unfair dismissal laws.

The participation rate dropped slightly to 63 per cent, but Employment Minister PETER REITH
says that doesn't mean the number of disillusioned job seekers is increasing.

Instead, he says, falls in official interest rates mean fewer women now have to join the
workforce.

The data helped spur the Australian dollar nearly half a US cent higher yesterday as the
market had expected unemployment to stay at the June level of 7.2 per cent.

AAP RTV rmm/mfh/shm/jn/jms/rt

KEYWORD: JOBS (CANBERRA)

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