Australian unemployment ticks up in July, jobs surge again
[SYDNEY] Australia's unemployment rate ticked up to a 22-year high of 7.5 per cent in July with a fresh wave of coronavirus infections in the southeastern state of Victoria further threatening the outlook.
Figures from the Australian Bureau of Statistics (ABS) showed employment jumped by 114,700 in July, on top of a hefty 210,800 new jobs the previous month. But the surge was still not enough to meet the ballooning labour supply, with the participation rate rising by 0.6 percentage points to 64.7 per cent.
As a result, unemployment rose from 7.4 per cent in June, marking the highest since November 1998. The number of people out of work, available to work and actively looking for work topped one million for the first time ever, the data showed.
REUTERS
SEE ALSO
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Fed survey cites inflation, US election as key financial stability risks
Oil prices steady after Iran plays down reported Israeli attack
G7 pledges swift aid for Ukraine, seeks to calm Middle East
H5N1 strain of bird flu found in milk: WHO
China moves to boost foreign investment in domestic tech companies
Xi orders China’s biggest military reorganisation since 2015