Could the app economy be the cure for the United States’ employment doldrums? A new report suggests that the nascent app economy spurred on by iOS, Android and Facebook apps has generated 466,000 jobs in the U.S. economy since 2007.

In the report by technology trade group TechNet, Michael Mandel of the South Mountain Economics, who conducted the research, found that 311,000 app-related jobs have been generated and another 155,000 jobs have also been indirectly created from the app boom. The figures are estimates and are based on calculations on the existing market for app-related jobs. Mandel warns that the figures could represent “jobs not lost” rather than net jobs gained.

But if the latter is true, it starts to paint a broader picture of the economic benefit from apps, which have only really been around in force for the last four years. We’ve already talked about some of the revenue brought in by apps and where it’s forecast to hit. Gartner said last year it expected mobile app stores to generate $15 billion in revenue in 2011. But it’s interesting to see how many actual jobs might be at work in this emerging economy. App jobs can be found in big software and gaming companies like Electronic Arts and Zynga to small one person start-ups working out of a home. Big companies are also devoting more and more resources to apps, and as apps help companies grow, it fuels the need for more jobs in human resources, sales, marketing and other non-technical positions. There’s also anemerging app development services economy growing out of the app boom.

The app economy has been a major engine for job growth in an otherwise sluggish labor market, said Mandel. And it’s likely to keep growing as wireless and social platforms expand.

Mandel arrived at his estimates by looking at the number of unique “help wanted” ads for apps in the the Conference Board HWOL database. He then factored in the historical rate in the computer and mathematics industry for employment ads compared to existing jobs. And then he applied a multiplier to estimate the number of indirect jobs created by apps.

The highest number of app positions in a metro area were created in the New York-New Jersey-Long Island area (9.2 percent), followed by San Francisco-Oakland-Fremont (8.5 percent),  San Jose-Sunnyvale-Santa Clara (6.3 percent) and the Seattle-Tacoma-Bellevue (5.7 percent) area. Overall, California generated the most app jobs by far with 23.8 percent of all jobs, followed by New York (6.9 percent) and Washington (6.4 percent).

These are still early days and that’s why Mandel was forced to come up with his own estimates, because there is no good tracking done by the Bureau of Labor Statistics. But I think we’re likely to see a lot more growth, especially as smartphone and tablet penetration increases.

As I wrote earlier, consumers are increasingly favoring apps over a browser in part because it’s a pretty streamlined experience that is dedicated to one purpose. Over time, we will likely see the growth in app jobs level off as more companies look to leverage the web and build more cross-platform HTML5 web apps. But for now, there’s still a lot of interest in native apps that are built atop popular platforms. And that means this is where to find a lot of new jobs.

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Applications for university places next year are on the rise as universities compete to attract a wider range of students, while those already enrolled stay for longer and complete their courses at a greater rate, new figures show.

Applications for 2012 rose on average 2 per cent in NSW, the Universities Admissions Centre (UAC) figures show.

The increase was “not massive but notable” but part of a trend in recent years, Kim Paino, director of information services at UAC, said.

University places will be uncapped next year on the recommendation of the federal government as part of a push to increase the number of students from low socioeconomic backgrounds.

“Certainly universities, in response to the Bradley opening up of places, have been very active in trying to meet that widening participation agenda. That’s so much part of their focus now,” Ms Paino said.

The UAC figures do not break down which institutions or what courses students are applying for and the modest rise may not be a direct effect of the deregulation of places.

Those results have yet to flow through, Angelo Kourtis, pro vice-chancellor for students at the University of Western Sydney, said.

“There isn’t a straight line between government policy and the way the market behaves. These messages perhaps aren’t out there in the community.”

Mr Kourtis said the university was working in the community to attract a broader range of students and to increase the rate of participation in tertiary study, but he said it would take a year or two before there was a notable effect.

Most universities are embarking on recruitment drives to attract high school students, and in some cases primary students, who may never have embarked on tertiary study.

Tomorrow, senior high school students will attend workshops and information sessions at UWS Day, one of the university’s many events aimed at introducing school students to the idea of university: a concept that cannot start too young, said Mr Kourtis, who is hoping to expand the Fast Forward program for primary school students.

“The idea is to help young people build aspirations around university students, especially in areas of Sydney where there isn’t a tradition of going on to do further education, especially university. Much of the literature around this area shows that the earlier you start the better.”

As universities scramble to meet the Bradley recommendation of 20 per cent students from lower socioeconomic backgrounds by 2020, they speak of creating aspirations, and aim to reach parents as well as prospective students.

They seek to provide a whole approach, by improving the university experience in an effort to retain as well as to attract students and to “demystify universities”, said Shirley Alexander, deputy vice-chancellor at the University of Technology, Sydney.

Ms Alexander said UTS was working hard to improve its low percentage of students from lower socioeconomic backgrounds.

At only 10 per cent, “we’ve got a long way to go” but the university had a four-part program that was focused on retaining students as much as attracting them in the first place.

The efforts poured into improving the undergraduate experience is bearing fruit as students are staying on from the first year of bachelor degrees, and are completing their degrees at higher rates than ever, a new study from the Australian Council for Educational Research has found.

Joining the Dots, published yesterday, reports that 84 per cent of students in 2009 continued their studies after their first year – up from 81 per in 2001, while those who go on to complete their studies had increased to 80 per cent in 2008 from 72 per cent in 2005.

ACER Senior Research Fellow Julie McMillan said some institutions had notably lower rates of retention and completion but that the figures were otherwise consistent regardless of background.

“At present low [socioeconomic students] are underrepresented in higher education,” Dr McMillan said.

“The available evidence suggests that at present people from low SES backgrounds experience retention rates which are similar to or possibly slightly lower than other students.”

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If you’re considering postgraduate options you might still be trying to work out whether you should apply for a postgraduate program or if it would be better to enter, or to remain in the workforce.

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Lawyers, accountants and engineers must have formal qualifications, so why not CEOs? A new program offering Certified CEO status promises to help bosses and future bosses make a real bottom-line difference to their businesses.

The CEO Institute has partnered with Mt Eliza Executive Education to create a program it hopes will become the gold standard for professional recognition of people who lead organisations across the Asia Pacific region. The Certified CEO (CCEO) Program has its first intake of CEOs from October.

Program director Esmé Alfred, said while The CEO Institute was not advocating that formal qualifications should be compulsory, there were clear advantages for those who do opt for formal accreditation. “High quality accreditation boosts CEO self confidence and capabilities. Combining accreditation with the CEO’s life experience can positively impact the success and sustainability of a business,” she says.

Not everyone agrees though. Stephen Collins, founder of acidlabs, says: “A certification in no way reflects actual capacity for the job, certainly not on soft skills.”

Phoebe Netto, managing director of Good Business Consulting, adds: “Their experience, qualifications, proven ability, connections and attitude should be enough.”

The CCEO Program’s first intake is expected to include current and newly appointed CEOs, as well as COOs and CFOs aspiring to the top office and other leaders identified by their organisations for future CEO roles.

“Many current and aspiring CEOs are time-poor and cost-conscious,” Alfred says. “Our Certified CEO Program is cost-effective and will run over 12-to-15 months, with a 17-day contact program that really provides leaders with today’s required skills, knowledge and background, as well as future thinking. CCEO encourages strong reflection on a CEO’s own business, so they will come out of the program with professional and personal development and a plan for their business to shift strategies so that there is a real benefit to the bottom line.”

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Paying for a degree can seem like big bucks to shell out each semester. But in almost each instance salaries are significantly higher after getting a degree. Additionally, earning a higher salary year after year can quickly make up the difference of what you initially paid.

Not only does education earn you more money, it also provides better career opportunities for those that continue to invest in education. Many hiring managers look to candidates who have participated in continuing education courses as a sign that they know how to succeed and move up the ladder. While others scan résumés for degrees earned. With so much competition for jobs, those with the most advanced levels of education often win out on career opportunities.

Here’s what to expect with each degree:

Associate’s Degree

Many workplaces won’t consider candidates without at least an associate’s degree, so spending two years to get this type of degree becomes crucial. Investing in an associate’s degree can instantly boost your pay. If you’re attending a community college tuition costs are significantly lower than at a university. According to the U.S. Census Bureau, people with an associate’s degree and a full-time job earned a median of $43,142 compared to $35,346 to those who just graduated from high school.

Bachelor’s Degree

Even with so many different types of bachelor’s degrees, it’s fair to say that most undergrad degrees will earn you a salary jump (and many are also a required résumé credential). Those with a bachelor’s degree earn a median salary of $56,687 according to the U.S. Census Bureau, which is 38 percent higher than full-time employees who only graduated from high school.

Master’s Degree

While not all careers require a master’s degree to move up the ladder, people that invest in this type of degree can earn a median salary of $68,058 — a 17 percent increase from those who simply have a bachelor’s degree according to the U.S. Census Bureau. Additionally, many master’s programs offer teaching positions, which can decrease the amount paid for education and better the return on investment.

Doctorate Degree

Investing in a PhD is a significant time commitment of at least several years. Though the knowledge gained from a PhD program can result in a significant increase in salary and the opportunities to teach at the college-level as well as consult. PhDs also earn a median salary of $93,613, which is a 27 percent jump from those who only possess a master’s degree.

Professional Degree

Those who continue their studies to get a Masters of Business Administration (MBA), Juris Doctor (law) or a medical school degree come out on top when it comes to pay scale. A graduate from law, medical or business school earns a median salary of $100,000 according to the U.S. Census Bureau. Though it’s worth noting that many professional degree programs also charge six-figure tuitions, so it’s important to understand your individual return on investment before applying.

Certificate Programs

Investing in a week or month-long certification program can make you seem more appealing to employers. While you won’t get a salary bump from going through a short program, it can help you learn valuable skills in your field and a new certification is bound to help your résumé. “Certifications are usually what jump out to a lot of the hiring managers,” says Andrew Reina, a regional director for Ajilon Finance Solutions, New York-based recruiting firm.

Continuing Education Courses

Signing up to attend courses or seminars as part of ramping up the skill set required for your profession doesn’t always yield more money. Though it’s another way to impress hiring managers and may sometimes be paid for by employers. These courses are also an important part of conveying your willingness to succeed.

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Australia continued to distance itself from last summer’s Ashes humiliation by wrapping up a comprehensive 4-0 series whitewash over India at the Adelaide Oval.

Needing just four wickets for victory on the final day, the Aussies bowled the tourists out for 201 to win the fourth Test by 298 runs with more than two sessions remaining.

On this same ground just over a year ago, Australia was subject to an embarrassing innings and 71-run defeat to England which proved pivotal in losing that series 3-1 and a drop to fifth on the ICC Test rankings.

But under new captain and player-of-the-series Michael Clarke, Australia has been reinvigorated and produced a stunning reversal to rout the world’s second-ranked side.

“The disappointment of last summer has inspired a few of us who played in that series to make sure it didn’t recur this summer,” Clarke said after receiving his award for his 626 runs at an average of 125.20 this series.

“The end result looks like we have won quite convincingly, but I can guarantee it didn’t feel like that out in the middle,” the captain added when talking to Grandstand.

“We have put a lot of hard work and a lot of time and effort in as a team.

“But it is so satisfying and rewarding to have won this series 4-0.”

Indian captain MS Dhoni praised Australia’s ability to rise to occasion when a match was there to be won.

“Australia played consistent cricket which was very important,” he said.

“Whenever a partnership was needed a few of their batsmen stood up. When it was needed from their bowlers to bowl consistently in one area that’s what they did.

“They always stepped up when needed.”

Clarke, who said he was driven by his promise to lead from the front, led the series Australian runscorers ahead of fellow veterans Ricky Ponting and Michael Hussey.

“It’s nice for the senior players to be scoring a lot of runs,” he said.

Ponting, who oversaw the Ashes loss before handing over the captaincy to Clarke, said it was satisfying to return to form and help Australia back to some of its best cricket after a loss to New Zealand in Hobart.

“That’s what my life has been all about. I’m a cricketer and a batsman and my job is to score runs consistently,” he said.

“We want to be heading in the right direction in a hurry.”

Ponting revealed he has to work hard on correcting his flagging technique as far back as the tour of South Africa.

“The way my technique had gotten I had to do some things differently with my preparations to give myself the best chance out in the middle,” he said.

“(Batting coach) Justin Langer and I have worked especially hard for the last few months to change things around.

“It took a while to come around but the last couple of weeks it has felt as sharp as it has in a long time.”

Rejuvenated attack

Peter Siddle was named man-of-the-match for his six wickets ahead of Ponting and Clarke, who both cracked double-hundreds in Australia’s first innings.

Clarke said his bowlers’ ability to back up talent with discipline kept India’s long list of star batsmen in check all series.

“It’s just about executing our plans with the ball for long periods of time,” Clarke said.

“We built a lot of pressure, we bowled a lot of dot balls and I think that has played a big part in the bowling attack having so much success.”

Australian bowling coach Craig McDermott, hailed as catalyst in turning around Australia’s fortunes with the ball over the last six months, said the reversal has been as easy as keeping the ball up and staying fit.

“When I first started I wanted the fittest attack and our guys have kept themselves in good nick on and off the park,” he said, despite losing young guns Pat Cummins and James Pattinson to injuries.

“And certainly being able to execute that fuller length. It sounds a bit boring but it is what gets wickets… we bowl the right balls.”

“I think we are on the brink of something really good over the next couple of years.”

Poor attitude

Australia took 80 wickets for the series while India only managed just 46 and conceded 2,375 runs.

But the blame seems likely to fall at the feet of a disappointing batting performance by the visitor’s long list of veterans, who continually struggled on the quick Australian deck despite success in the past.

Former Indian captain Ravi Shastri said there will be a lot of mental scars from India’s eighth straight Test defeat on foreign soil.

“They can’t do much worse than this. They’ll have to rebuild now and identify some youngsters,” he said.

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“Teams lose, but you want to put up a fight. I thought the attitude shown by some of the players and whole level of competition was below par.

“The real positive to come out is Virat Kohli. He is a player of the future.

“I wish Rohit Sharma was given an opportunity and Umesh Yadav has promise. Apart from that there is very few positives.”

Victoria Azarenka is the new world women’s tennis No.1 after turning on the power and style to outclass Maria Sharapova in Saturday night’s Australian Open final.

Azarenka overcame early jitters to win the battle of the scream queens 6-3 6-0 in one hour and 22 minutes at Melbourne Park.

Apart from securing the top ranking and the record $US2.3 million ($A2.17 million) winner’s cheque, the 22-year-old is also the first Belarusian to be crowned a grand slam singles champion.

But the triple major winner and fourth seed had no answer to Azarenka’s awesome baseline firepower.

The third seed dominated from the back of the court, running Sharapova from side to side and, on several occasions, even had the scrambling Russian attempting desperate left-handed returns.

But her victory wasn’t as popular with fans as it would have been for her bank manager, with at least one disgruntled spectator at Rod Laver Arena sporting ear muffs during the high-decibel encounter.

Azarenka, who candidly confessed to experiencing many meltdowns earlier in her career, said after her semi-final win over defending champion Kim Clijsters that her serving hand felt like it weighed about 200kg as she tried to close out the contest.

The Belarusian made a similarly nervous start in her maiden grand slam final, coughing up three double-faults to drop her very first service game.

Sharapova consolidated for a 2-0 lead before Azarenka settled and began to take command.

Three errors from Sharapova gifted Azarenka the break back for 2-2 and then there was no stopping the Belarusian.

She reeled off nine games straight to take the first set and then the title when Sharapova netted a backhand on her first match point.

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REMEMBER when we used to think of Novak Djokovic as a very fine tennis player who had developed a spoiler’s tendency to pull out of matches but had a decent line in knockabout antics and brought the house down when he mimicked Maria Sharapova and Andy Roddick?

What a hoot and a tease he was.

That was a few years back and indeed even 14 months ago, he was considered a bit of a lightweight, destined to spend time jostling with Andy Murray for third and fourth billing in the world as Roger Federer and Rafael Nadal concentrated on the serious business of ruling the roost in the men’s game.

Well, look at Novak now. He has won the past three grand-slam tournament titles and has beaten Rafael Nadal in all of those finals, the last of which, as night became day at the Australian Open, may just have been the most uncommon of all because it was the longest final in the history of these events – a majestic celebration of the 100th staging of the men’s singles championships in this distant, welcoming land.

Last week The Sun chose to colour Murray green and suggest that he had some incredible Hulk-ish powers. They painted the wrong guy.

For it was Djokovic, less than 48 hours after he had defeated Murray in five sets in four hours and 50 minutes, who returned to Rod Laver Arena and played five hours and 53 minutes more to tame Nadal. That was once the Spaniard’s piece de resistance. Not any more. Before this match, his record was 133-1 in grand-slam tournament matches when he won the first set – two out of 135 is no real consolation.

The 24-year-old from Serbia, who faces a year in which he has to justify the victory upon victory that embellished his 2011, has started this demanding challenge to his body and soul in thrilling fashion. Is there a part of a tennis court that he cannot reach? Try to pull him out of position, he rebounds, try to drop the ball short, he covers the ground like a panther, try to thunder down serves and he returns with apparent effortless premium.

“His returning is one of the best in history, in my opinion,” Nadal said.

No one has tried harder to fathom the new Novak than the old Rafa and although he almost succeeded on Rod Laver Arena, the end came in what has become the familiar fashion of Djokovic getting one more ball back into play and then thumping away a giant winner and letting out a full-throated, manic roar.

Nadal led 4-2 in the final set, a position from which the man of 2008 and 2009 would not have lost.

It is a touch ironic that it was the Spaniard who suggested on Saturday that Murray’s failure to come out strongly in the fourth set against Djokovic in the semi-final was costly because he lacked for intensity. Having hauled himself into a position from which the final was on his racket, he was 30-15 up in the seventh game and had a backhand down the line with two thirds of the court at which to aim. He put the ball an inch wide. It was akin to a kiss of life for the champion.

You do not give “the Djoker” a second chance. You could almost see his eyes widen from the press seats. A break there was followed by a seriously steady service game of his own and, although Nadal held for 5-4, he had to survive a break point with a steepling service winner. All of this was taking a toll, however.

Once more, Djokovic, whose serving at these clutch moments gets better and better, dropped a single point in game ten and it was here that he was to pounce because although Nadal succeeded with one cross-court backhand that forced an error, he was confounded on the next, exhausting point and his backhand slice dollied into the net.

Two points from victory at 6-5, 30-0, Djokovic had a bit of a wobble and Nadal fashioned a break point. It was here, though, that the new, improved Djokovic was unrelenting, a back-breaking backhand cross-court forcing the Spaniard to screw his forehand wide. One championship point was all that Djokovic required: there was a fascination in watching him step in to crunch a forehand winner into the Nadal forehand corner and relish that old familiar feeling of his legs disappearing from underneath him.

Were it not for Djokovic, Nadal might be on 13 grand-slam tournament titles now and bearing down on Federer’s tally of 16.

“I have to enjoy the suffering,” Nadal said. “I am playing the best in the world, that is how great he is. Normally, I don’t say positive things after a loss, but I come out of this with a much more positive attitude than I did in any of my matches against him in 2011. Mentally and physically, I was there the whole match.”

Djokovic was immediately installed by the bookmakers at 10-1 for a calendar grand slam. The only one of the four he has never collected is the French Open, which has proved to be outside the capabilities of many a great champion in the past. He is not expected to join that frustrated fellowship.

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If you have any doubts about the sustainability of Australia’s resources boom, you won’t get any support from the world’s second and third biggest iron ore miners.

Rio Tinto and BHP Billiton have backed China to maintain its hunger for resources by announcing a combined $26 billion plus worth of expansions of their iron ore and coal operations.

The biggest iron ore producer is Brazil’s Vale.

Australia is in a second mining boom, with resources companies leaving the financial crisis behind and making up nine of the 10 best performing stocks of the 200 biggest companies in 2010/11.

China and India – emerging economies comprising 37 per cent of the world’s population – are rapidly urbanising and situated in Australia’s region.

The current sentiment is that the boom will last indefinitely and all Australia has to do is dig up resources, sell them and laugh all the way to the bank.

“We’re lucky enough to have a booming mining sector,” Mine Life senior resources analyst Gavin Wendt told AAP.

“China’s right next door and they want to buy as much of our stuff as quickly as they can.”

Of course, there are risks to the boom.

Costs are rising quickly, whether it’s wages, energy or equipment, and that’s expected to hit profits, while the proposed mining tax and carbon pricing scheme make resource companies nervous.

Global events are also a worry, with Reserve Bank of Australia board member Warwick McKibbin recently saying the global economy faces another economic crisis which may undo the resources boom.

Inflation of nine per cent in India and six per cent in China was too high, while high government debt across dozens of European countries, Japan and the US was unsustainable, he said.

But the naysayers are being drowned out by optimists.

BHP chairman Jac Nasser said in May that the shift of global economic weight to Asia was the most significant event since the industrial revolution and Australia was in the right place at the right time.

China’s gross domestic product grew by 10.3 per cent last year and its continuing pace of economic growth had surprised the market, said James Bruce, portfolio manager for Perpetual’s global resources fund.

“Demand for commodities … has been very strong and quite frankly the companies are struggling to supply global demand,” he told AAP.

That had led to big capital expenditure announcements, such as BHP saying it would spend $80 billion on its own projects in the next five years.

A year ago, some analysts were saying China’s growth was unsustainable, commodity prices were too high and there would be an over-supply and price drop.

When parts of the Chinese economy, such as the housing market, had started to overheat, the government had taken measures to cool that, Mr Bruce said.

“I think that just talks to how well managed the Chinese economy has been by the government,” he said.

“Yes, there are risks as there always are, but right now things are strong.”

Now an opposite problem exists, with resources companies struggling to find ways to spend all their money, physically get the work done and satisfy demand.

But not everyone would be able to take advantage of the situation.

Companies that were still developing projects and were years from actually producing commodities would have trouble getting money to fund and finish those projects, Mr Bruce said.

On the other hand, shares in the established miners were looking cheap and share prices would rise from here and there would be takeovers in the coming year, he said.

The value of resource stocks among the 200 biggest public companies rose 18.2 per cent over the past year, compared to a 7.13 per cent improvement by the benchmark S&P/ASX200 index.

There are more publicly-listed resources companies in Australia than ever before, at about 900.

Many posted record profits in February, including BHP ($US10.5 billion) and Rio ($US14.3 billion), and many will do so again in August.

But it can be tougher for the small miners.

Murchison Metals became a casualty recently when it admitted it could not afford to fund it’s half of the costly $5.94 billion Oakajee port and rail development in Western Australia.

Miners and analysts also warn the government’s planned mineral resource rent tax (MRRT) will discourage mining operations in Australia.

The government wants the MRRT, a 30 per cent tax on coal and iron ore profits to apply from mid-2012, to provide a better return from the resources boom for all Australians, as many people and businesses are struggling even as miners make record profits.

An alternative to the MRRT that Mr McKibbin advocates is a sovereign wealth fund to store mining income to prepare for the end of the boom.

Mine Life’s Mr Wendt said the MRRT would hurt Australia in a decade or two.

The Pilbara and Hunter Valley were currently very profitable, but other large scale deposits would take 10 to 20 years from discovery to mining, he said.

“If they find Australia isn’t a good investment, they will spend their extra dollars in South America and Africa,” Mr Wendt said.

David Robb, chief executive of mineral sands producer Iluka, earlier this year warned that not enough exploration was occurring and incentives were needed, after the federal government cut an exploration rebate last year.

The proposed carbon tax also has miners worried.

However, Mr Bruce said global demand for coal – Australia’s biggest export earner – was huge regardless of whether a carbon price was established in Australia.

China consumes well above three billion tonnes of coal a year, 38 times Australia’s 78 million tonnes.

Global mining consultants Golder Associates and Marston recently opened operations in Newcastle, the world’s biggest coal port, saying they believed the coal industry would adapt.

“I do know coal will be in very high demand around the world,” Golder’s US-based president Richard Marston told AAP.

“NSW is going to find a way to produce that coal.”

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MARK COLVIN: New figures out today don’t bode well for jobseekers. An ANZ Bank report showed a noticeable drop-off in the number of job advertisements in July.

It comes as the stream of full year company earnings reports starts to gather pace this week. Analysts say that a building economic weakness is starting to show up on corporate balance sheets.

But as David Taylor reports a few companies have actually found some economic sweet spot.

DAVID TAYLOR: We’ve all been there, flicking through the job ads section of the newspaper or spending hours on the internet hoping that dream job was waiting out there for us.

Those seeking a job last month however may have noticed there were fewer pages to search through.

In fact job advertisements in Australian newspapers and on the internet fell 0.7 per cent in the month when compared with June.

Head of Australian economics at the ANZ Bank, Ivan Colhoun.

IVAN COLHOUN: The fact that it is beginning to soften, given everything else that’s going on in the world, does suggest there’s a risk that we may start to see unemployment rise a little bit which isn’t, that wouldn’t be good news.

DAVID TAYLOR: It hasn’t raised any alarm bells as yet but it does point to a rising jobless rate.

IVAN COLHOUN: So far no collapse and just a moderating trend which we are going to monitor quite closely.

DAVID TAYLOR: Unemployment is what economists call a lagging indicator. That means we’re also now looking at several more weeks if not months before we’ll know if recent signs of economic weakness have filtered through to the jobs market.

IVAN COLHOUN: You know the next four to six weeks will tell us whether those recently much weaker consumer confidence, weaker business confidence and the goings on that we’re seeing in overseas financial markets at the present time, whether they shift through into businesses cutting back on their advertising and hiring plans.

DAVID TAYLOR: And as the economy comes under more and more pressure analysts are carefully watching the scorecards of Australian companies reporting their full year earnings.

Two companies revealed their earnings to the market today.

The first was Bendigo and Adelaide Bank. Second half earnings rose over 20 per cent. Not bad when you consider Australia’s savings rates have climbed to record levels in the recent months as consumers take advantage of competitive deposit rates.

But the bank has a secret weapon. Unlike the big four, the regional lender relies less on that growing cost of credit found in wholesale money markets overseas.

Nomura analyst, Victor German.

VICTOR GERMAN: Yeah look I think it is fair to say that Bendigo is relying a little bit less on wholesale money than some of their domestic peers. So closer to 70 per cent of its funding base is in deposits which leave it in a reasonably favourable position from a wholesale funding perspective.

DAVID TAYLOR: Retailer JB Hi-Fi also reported earnings today. For the year to June the company posted a net profit of almost $110 million. That’s a 7.5 per cent drop on the same period last year.

The retailer says conditions are challenging but that won’t stop them rolling out another 16 stores during this year and next. In fact expansion is a key part of their business model.

ANDREW MCLENNAN: The other thing is that the product mix that JB Hi-Fi sells tends to be skewed towards the very high growth categories. They’re particularly significant in Apple related products.

So they definitely are growing their market share, more due to the fact that they’ve got the right products and they are rolling out a greater number of stores.

DAVID TAYLOR: Commonwealth Bank equities research analyst Andrew McLennan.

But while their business model seems to work they can’t hide from an economy that’s served up a very challenging environment for retailers.

ANDREW MCLENNAN: They’re in a relatively unique situation. But even so on a like-for-like basis they are seeing a sales deterioration and most likely a profit deterioration.

DAVID TAYLOR: And is that consistent with the broader picture that’s been painted of the economy by Australia’s economists?

ANDREW MCLENNAN: It is. We have certainly got an economic view that’s reasonably positive in terms of overall consumption growth.

But in the retail sector specifically we’re seeing significant amounts of deflation and that is making sales growth in a value sense more difficult to achieve. And unfortunately that’s leading to a lower profit outlook.

DAVID TAYLOR: The Commonwealth Bank and Telstra report their earnings later this week.

As more and more companies report their earnings in coming weeks the experts will be focusing on what those at the coalface have to say about how they see their financial future.

ANDREW MCLENNAN: We are expecting a lot of uncertainty not just in terms of the results to be delivered over the next couple of weeks but certainly in terms of the outlook statements from a lot of these retailers.

DAVID TAYLOR: Those outlook statements may depend on how the global picture takes place in coming months.

MARK COLVIN: David Taylor.

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