Australia's unemployment rate falls to 6.8 per cent despite 42,000 Victorians losing work. 9News
that without government financial programs such a JobKeeper, which maintains a formal link of employment, the nation's jobless rate could be as high as 11.7 per cent.
Bjorn Jarvis, head of Labour Statistics at the ABS, said employment was up but the number of hours being worked across the board were only rising marginally. "The weaker increase in hours worked has also been reflected in the strength of the increase in part-time employment between May and August, which has been almost eight times greater than the increase in full-time employment.""The large increase in seasonally adjusted employment coincided with a large decrease in unemployment of 87,000 people, around 55,000 of whom were females," Mr Jarvis said.
Australia's economy is already in a recession after June quarter data revealed the nation's gross domestic product has shrunk by 7 per cent.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Surprise fall in jobless rate as 111,000 people find work in AugustAustralia's unemployment rate recovered to 6.8 per cent in August despite measures to limit the spread of coronavirus weighing on businesses | swrighteconomy JennieDuke
Read more »
Shock as unemployment rate falls to 6.8 per cent with more than 100,000 jobs createdThe unemployment rate unexpectedly fell to 6.8 per cent in August from 7.5 per cent the previous month.
Read more »
NZ Treasury forecasts 16 per cent GDP contraction as nation enters technical recession | Sky News AustraliaNew Zealand’s Treasury is forecasting a sobering 16 per cent contraction in GDP for its June quarter due to the impact of tough coronavirus lockdown rules.\n\nBy comparison, Australia recorded a seven per cent contraction over the same three-month period.\n\nGovernment debt was forecasted to peak at $200 million or 55 per cent of GDP while unemployment would likely peak at 11 per cent in 2022.\n\nOpposition Leader Judith Collins raised concerns the nation's recession would result in the migration of skilled people to Australia.\n\nHowever, Minister for Finance Grant Robertson said New Zealand’s unemployment figures would likely remain lower than those in Australia, and growth moving forward was likely to be better.\n\n
Read more »
Victorian lockdown impact to be 'laid bare' in August unemployment figures | Sky News AustraliaInvestSMART’s Evan Lucas says Australia’s August unemployment numbers set to be released on Thursday will take into account the entire Victorian lockdown scenario.\n\nMr Lucas said the numbers would be negative and were difficult to gauge correctly due to the JobKeeper program. \n\n“The Victorian effect will finally be laid bare today with how much unemployment in Victoria has now happened because of stage four lockdowns,” he said.\n\nHe said the United States Federal Reserve had come to the point where “monetary policy is running out of its ability to actually react to the market and to react to the economy and needs to get fiscal policy to support it”.\n\n'That is exactly what our RBA is saying at the moment,' he said.\n\nImage: Getty\n\n
Read more »
Coronavirus updates LIVE: Victoria records just 28 COVID-19 cases in lowest daily new case tally in almost 3 months; state's regional areas reopen as Australian death toll jumps to 832BREAKING: Australia's unemployment rate has recovered to 6.8 per cent despite measures to limit the spread of COVID19 weighing on businesses. The improvement will surprise many economists; most had expected it to rise from the 7.5 per cent rate in July.
Read more »