Reports from Business South Australia state that there has been a sharp decline in the number of jobless and idle people in South Australia. This implies that the overall confidence of the citizens on the economy of the state is quite low with the numbers of people who are looking out for jobs being on the rise. This report shall inspect the possible causes of unemployment, the rising rates of joblessness and what could be done in order to curb a worse situation in the future and thereby withstand the businesses of South Australia.
As per the latest statistics declared by the Australian Bureau of Statistics the rate of joblessness for the month of February 2015 stands at 6.9% which is a 0.3% decrease from that of January 2015 that was at 7.2%. The possible causes for this could be attributed to the decline in the rate of actual participation in the workforce and also the decline in the number of people who registered themselves as unemployed.
This plainly implies that a larger number of people had moved out of the employment market.
The rate of unemployment in the nation went down by 0.5% in a month from February to March of this year with Tasmania being the close competitor, recording the highest job redundancy rate of the country. However the scenario of unemployment in South Australia is much more than that of Tasmania and is close to attain the status of the unemployment capital of the Australian nation. The Employment Minister of the country however debated that this is not a conducive measure of the economic condition of the state and while the figures have been more or less stable in the previous months, it is necessary to study the trends in the forthcomings months to reach at a conclusion. On the other hand, the Chief Economist of Prescott Securities Mr Darryl Gobbett claimed that the future also for the state in this regard seams very bleak and there is an evident backward trend as against the other states where the condition is improving.