Unemployment falls to shock 50-year low of 3.5 per cent | rachelclun swrighteconomy
The nation’s unemployment rate has tumbled to a new near 50-year low of 3.5 per cent, increasing pressure on the Reserve Bank to deliver a super-sized lift in the official interest rate at its next meeting.
The number of people formally unemployed fell by 54,300. There are now 493,000 people officially unemployed, the lowest number since October 2008.The jobless rate is 1.7 percentage points lower than in March 2020, ahead of the pandemic recession. “The large fall in the unemployment rate this month reflects more people than usual entering employment and also lower than usual numbers of employed people becoming unemployed,” he said.
Overnight, Canada’s central bank lifted rates there by a full percentage point to 2.5 per cent. The central banks of New Zealand and South Korea this week also lifted their central borrowing rates sharply in the face of high inflation and tight jobs markets. The underemployment rate increased by 0.3 percentage points in June, but it remains 2.7 percentage points lower than its March 2020 rate.
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.
Unemployment falls to shock low of 3.5 per centBREAKING: The nation’s unemployment rate has tumbled to a new near 50-year low of 3.5 per cent, increasing pressure on the Reserve Bank to deliver a super-sized lift in the official interest rate at its next meeting. | rachelclun swrighteconomy
Read more »
Unemployment falls to shock low of 3.5 per centThe drop increases pressure on the Reserve Bank to lift interest rates hard at its next meeting.
Read more »
Unemployment rate plummets to 3.5pc as 88,000 jobs addedBREAKING: Unemployment fell to a fresh 48-year low of 3.5 per cent in June as 88,000 people found work in Australia’s increasingly tight labour market.
Read more »
Unemployment plunges to 3.5 per cent, with nearly 90,000 jobs added in JuneAustralia's official unemployment rate drops to 3.5 per cent, with an estimated 88,400 jobs added to the economy last month.
Read more »
Australia’s unemployment rate falls to 3.5% – the lowest in almost 50 yearsFall in unemployment rate from 3.9% to 3.5% is higher than forecast by most economists and brings rate to the lowest point since August 1974
Read more »