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In yet another blow to the economy, Australia’s unemployment rate has hit 5.2 percent.

Data released today by the ABS has shown that 53,800 jobs were lost in February, the biggest drop in full-time positions since mid-1991.

The unemployment rate has increased by 0.4 percent in the last month alone, but is set to rise, with economics from JP Morgan tipping the unemployment rate to rise to as much as 9 percent by 2010, while the latest results from the Clarius Skills Index hint at an oversupply of between 35,000 and 50,000 skilled workers in Australia by 2010.

Economist Matt Robinson from Moody’s Economy.com said that the economy is continuing to deteriorate.

“When you get a huge loss in full-time jobs it means you don’t see any bottom that is forming… the economy is still deteriorating.”