Economics Updates

Data released this morning by the ABS shows that the percentage of long-term unemployed (those out of work for a year or more) increased slightly in July last year from a year ago.
In July 2011 19.2% of those unemployed had been looking for work for a year or more; this was up from 18.4% in July 2010. However, back in 2003 and 2004 the rate was over 21%. This measure fell to just 15.1% in July 2008 and has been increasing gradually since.
The median length of time that the unemployed are out of work remained unchanged at 14 weeks.