THE global recession continues to worsen, but the Australian economy is showing signs of recovery. I would be surprised if the Reserve Bank cut rates today, though it may reiterate its continued readiness to do so. US employers slashed 467,000 jobs in June, 100,000 more than expected. That lifted the unemployment rate to 9.5 per cent, the highest rate in nearly 26 years. The next milestone expected by economists is 10 per cent, with many economists expecting the post-World War II high of 10.8...
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