Australian unemployment soars

Unemployment in Australia rose to 5.2% in February, the highest level in nearly three years and yet another sign of the global economic downturn.

The government’s Australian Bureau of Statistics said today the unemployment rate was 5.2% in February, up from 4.8% the previous month.

Full-time employment decreased by 53,800 in February.

The federal government is predicting a jobless rate of 5.5% by June, rising to 7% a year later.