The Australian Bureau of Statistics has just released employment data for Dember 2010 and they're a nice set of numbers. The unemployment rate fell to 5% and the participation rate remained at a high 65.8%. Over 2010, the workforce was up 3.3%, while unemployment fell a large 8.1%. So things look rosy nation-wide, and I doubt that the Queensland floods will have an impact on these numbers, which are all headed in the right direction. No wonder the stock market took off after the figures were announced.
AS
3 comments:
I have heard it said that the coal mines in the north have been mainly flooded and that this will cause a problem to steelmakers round the globe. Is there any truth in this? Richard.
Some coal-fields have been flooded - they are nearly open-cut pits, not under-ground. The problem is not just clearing away the water, but also transporting it by rail to the various ports along the east coast. It might take 3 months to get back to normal. However, many mines are operating unhindered because they are far removed from the flooding rains. As to the global market for coal, there will be hitches in supply. How this pans out in terms of prices I don't know. I sold my coal shares on recommendation from my broker because the company was one of the worst hit.
AS
Some coal-fields have been flooded - they are nearly open-cut pits, not under-ground. The problem is not just clearing away the water, but also transporting it by rail to the various ports along the east coast. It might take 3 months to get back to normal. However, many mines are operating unhindered because they are far removed from the flooding rains. As to the global market for coal, there will be hitches in supply. How this pans out in terms of prices I don't know. I sold my coal shares on recommendation from my broker because the company was one of the worst hit.
AS
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