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The economic slump has deteriorated the employment situation in Australia . Unemployment rate is now at 5.2% after the biggest monthly drop in full-time jobs since 1991.

According to the Australian Bureau of Statistics, February positions are down by 53,800. However, part-time positions seem to be on the rise with 55,600 new part-time jobs created. That leaves a seasonally adjusted net increase of 1,800.

The unemployment rate climb is happening across Australia . In New South Wales , the rate climbed from 5.5% to 5.8, in Queensland it was up by 0.1 percentage point to 4.5%, in Victoria the hike is apparent increasing from 4.8% to 5.6%, in West Australia the unemployment rate rose from 3.3% to 4.2%.

The current numbers are higher than those forecast by analysts. The unemployment rate was pegged at 4.8% at the end of January and analysts said that it will climb to 5%. Now, economists believe that 20,000 positions would be wiped out in February. They fear that it may also affect decisions by the Reserve Bank on interest rate cuts.

Even forward-looking indicators are looking glum. The Department of Employment and Workplace Relations’ monthly leading indicator dropped for the 15 th consecutive month, from -0.216 in February to -0.421 in March.

“The indicator continues to confirm a slowdown in the pace of employment growth below its long-term trend of 2.3% per annum,” DEEWR said.

The decrease in job ad placement is another indicator of continuous rise in unemployment. ANZ Bank recently released its survey results that indicated a 10% drop in advertising for jobs in newspapers and the internet.

Around the world, the global financial crisis is also affecting the unemployment rate. The US and Europe, in particular, were hit harder with the US jobless reaching a 25-year high of 8.1% in February and Europe pegging their unemployment rate at 8.2%.

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