The global economic crisis - could cost your job.

[excal]

http://www.australianit.news.com.au/story/0,24897,24464440-15306,00.html

AUSTRALIAN firms are preparing to shed workers, ending a six-year run of pro-hiring sentiment.

The latest Australian Chamber of Commerce and Industry survey of investor confidence shows business conditions continued to deteriorate in the September quarter, despite an interest rate cut and hopes of more to come.

The results of the national survey of more than 1000 firms were released amid dismal readings from two other economic indicators yesterday, which showed slides in construction activity and online job ads.

Commonwealth Securities equities economist Savanth Sebastian said tight credit markets and easing demand for commodities had "boiled over to the real economy". "Unemployment rates are likely to move marginally away from the generational lows set earlier this year."

ACCI director of industry policy and economics Greg Evans said slowing investment, sales and profit were translating into lower employment expectations.

"This survey shows that recent global financial turmoil and slowdown in global economic outlook is posing a threat to the Australian economy," he said.

Companies' profitability and expectations of the number of full-time staff they would employ fell into negative territory for the first time since 2002.

And their view of the national economy was even grimmer, with expectations of rises in the Australian jobless rate hitting their highest levels since the survey began a decade ago.

But while confidence was fading, respondents were positive about the fortunes of their own businesses. "Trading conditions were down but not yet critical over the September quarter," the survey noted.

For the construction industry, however, the tipping point has been reached. Firms reduced their workforces in September at the highest rate in three years, according to the Performance of Construction Index.

The monthly index, released by the Australian Industry Group and Housing Industry Association, reported the most subdued conditions since it began in 2005, with construction activity and new orders falling to new lows.

The contraction in September occurred in commercial, apartment and house building sectors, with costs the only indicator on the rise.

The Seek employment index, also out yesterday, showed the softening in employment was also being felt in other sectors.

The ratio of online job ads to applications received fell last month in every state and territory bar the Northern Territory.

It was down by a seasonally adjusted 4 per cent nationally for September, resuming the decline seen in the first half of the year.

The ACT, Victoria, Queensland and NSW were, in order, the worst performers for the month.

[marbs]

Guess who once wanted to work at Lehmans.

But seriously, its going to take every 3-4 years at least to enter into the business jobs market, and the pro-active stance on the Australian market, could see economic recovery by then, improving unemployment.

I've always wanted to work o/s at America or Japan, but that could take a take. If ever there was a time to specialise you're degrees to stand out from the rest of the commerce grads it would be now.