Headline: Some GDP growth – but jobs way behind
“While it is good to see economic growth remained positive despite the drought, we have yet to see the strong job growth that is need to seriously knock a hole in unemployment and joblessness”, says CTU Economic Bill Rosenberg.
“With forecasts showing the unemployment rate not dropping below 6.0 percent this year, 153,000 unemployed and 245,400 jobless, a ‘recovery’ is not a recovery unless it helps the people who most need it. We need more jobs with strongly rising wages that ensure wage and salary earners share in the growth.”
“Manufacturing is struggling, even putting aside the agriculture-related food and beverage industries which have suffered from the drought, so good jobs with good wages are not coming through for many people. It is good to see construction growing rapidly from the point of view of jobs, but we need a broader based recovery, and one that supplies good well-paid jobs. Otherwise what economic growth there is will benefit only a minority.”
This won’t “just happen”, says Rosenberg. “It needs good industry policies which lead to sound economic development. Sound development should rebalance not only the economy but close the gaps resulting from middle and low income earners getting an unfair share of the economy and the work they contribute to it.”
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