Youth unemployment -- those aged 15-19 and wanting to be in the workforce -- has reached its highest level in nearly a decade. Australian Bureau of Statistics figures for July released this morning put the seasonally adjusted rate at 18%. It was last above this level back in 2001. The July figure is up from a low point of 11.5% in August 2008. That's an extra 53,700 young people without a job.
Overall, the figures show that economic growth is barely sufficient to find jobs for those entering the labour market, with unemployment rising in July to 5.3% after a 0.2% increase in the participation rate.