Mining Slowdown Is the Pits for Australias Unemployed Youth. Across Australia, young people are bearing the brunt of rising unemployment as the nations economy struggles to regain momentum following the end of a mining-investment boom. The jobless rate among 15 to 24-year-olds soared to 14.1% in July, its highest level in 13 years and more than double that of the broader population. Australias youth unemployment rate is now similar to the U.S.s. But the rate has grown by 2.2 percentage points in the past year, while the U.S. ratio has fallen at a similar pace. The government Thursday will release August jobs data. As Chinas economic growth cooled, Australias frenzy of mining construction has drawn to a close. Mines require many fewer workers to operate than during the construction phase. Resources giants BHP Billiton Ltd. BHP.AU -0.83% and Rio Tinto RIO.LN -0.28% PLC have laid off thousands of workers as part of cost cuts worth billions of dollars. Full story >>> on.wsj/1smCUm3
Posted on: Wed, 10 Sep 2014 21:28:19 +0000
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