Economy stalling
So, the economy is stalling. Growth down to 0.6%
WA is negative at a shrink of 3.6%. That is a big contraction. Any views? |
Re: Economy stalling
Originally Posted by verystormy
(Post 10741730)
So, the economy is stalling. Growth down to 0.6%
WA is negative at a shrink of 3.6%. That is a big contraction. Any views? Actually the annualised growth rate is 2.5%, still higher than the population growth rate, so it's not that bad. One can only hope the AUD re-adjusts to around 90 USD to help the ailing industries. |
Re: Economy stalling
Originally Posted by commonwealth
(Post 10741766)
I live and work in Sydney which has the lowest unemployment rate among the capital cities and produces a quarter of the national economy (bigger than the mining sector), so it's not too bad!
. http://www.startupsmart.com.au/growt...112194913.html Seems your figures are a little out of date. Admittedly 18 months old that article, but I would be surprised if Sydney has regained it's crown. |
Re: Economy stalling
Sydney and Vic, will be slower to be impacted. The main economy has been supported by mining, now that is in massive decline, it will impact the mining states first, then the rest.
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Re: Economy stalling
Originally Posted by EvannTel
(Post 10741955)
That really surprised me so I checked
http://www.startupsmart.com.au/growt...112194913.html Seems your figures are a little out of date. Admittedly 18 months old that article, but I would be surprised if Sydney has regained it's crown. |
Re: Economy stalling
Originally Posted by verystormy
(Post 10741983)
Sydney and Vic, will be slower to be impacted. The main economy has been supported by mining, now that is in massive decline, it will impact the mining states first, then the rest.
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Re: Economy stalling
One problem with these stalling economy reports:
Just a few example headlines.. Jan 6, 2009 – Research note - Australia's economy to stall in 2009; Mar 4, 2009 – The latest national accounts figures show the Australian economy contracted by half a per cent in the final three months of last year Jul 29, 2011 – The Australian economy is in trouble – according to the Australian Bureau of Statistics (ABS), Nov 2, 2012 – Amid signs of rapidly stalling economic growth and emerging ... across every sector of the Australian economy Apr 18, 2013 – The Australian economy however is predicted to outpace its advanced economy peers with 2013 GDP growth tipped at 3% compared to 1.2% Jun 5, 2013 - At below trend growth of just 2.5 per cent, economists say the economy has stalled and jobs are at risk Enough to think about.....
Originally Posted by verystormy
(Post 10741730)
So, the economy is stalling. Growth down to 0.6%
WA is negative at a shrink of 3.6%. That is a big contraction. Any views? |
Re: Economy stalling
Doesn't matter what the stats say. Economically, the most important thing is you don't lose your job. If you keep your job you should be usually fine and may benefit from lower interest rates. It's those who lose their jobs who are of course most affected.
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Re: Economy stalling
Originally Posted by commonwealth
(Post 10742196)
Doesn't matter what the stats say. Economically, the most important thing is you don't lose your job. If you keep your job you should be usually fine and may benefit from lower interest rates. It's those who lose their jobs who are of course most affected.
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Re: Economy stalling
Couldn't agree more.
Sometimes "recession" and "boom" can be very personal. BB |
Re: Economy stalling
Originally Posted by chris955
(Post 10742487)
Its what I always get shot down for saying, if you are working in a downturn/recession I doubt you see or feel the effects.
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Re: Economy stalling
Originally Posted by commonwealth
(Post 10742196)
Doesn't matter what the stats say. Economically, the most important thing is you don't lose your job. If you keep your job you should be usually fine and may benefit from lower interest rates. It's those who lose their jobs who are of course most affected.
|
Re: Economy stalling
The uni where I work (UWA) has to shed a whole heap of jobs, something like 10% or 20%, can't remember what the VC said. My dept. will cease to exist in December a lot of people will be let go.
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Re: Economy stalling
Originally Posted by chris955
(Post 10742487)
if you are working in a downturn/recession I doubt you see or feel the effects.
From 2008 to now, that is a 31% increase for Australia, but 47% for UK (5.3% to 7.8%) But, how many of those CHOOSE unemployment ? Many of those in Byron Bay for example ;) April 2013:
When comparing unemployment statistics, please note:Both Australia and the UK use the standard international definition of unemployment. |
Re: Economy stalling
I agree, if you aren't unemployed, then a recession is meaningless. Friends in the UK don't know what the fuss is about. All have done well, best made received his biggest bonus this year he has ever had, brother in law launched a restaurant which has been booked solid for a year.
But, when economic downturns occur, and here in WA, it certainly is biting, new migrants suffer particularly badly. Have to say, if I was a Pom, thinking of giving up a job in the UK, to move to Perth, I would be thinking again. |
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