The Australian Bureau of Statistics on Thursday revealed the country has now lost more than 824,000 jobs over the past two months, taking employment down to where it stood in March of 2017. Unemployment lifted from an upwardly revised 6.4 per cent in April.
The country has now lost more than 824,000 jobs over the past two months.
Photo: Rhett WymanMarkets had been expecting the loss of 79,000 jobs and a lift in the unemployment rate to almost 7 per cent.
It follows the April jobs report, .
The ABS revised up the April job loss to 604,000 and also wiped out the small growth in jobs that was originally recorded in March.
Unemployment is now highest in Western Australia, at 8.1 per cent, and has climbed to 7.9 per cent in both Queensland and South Australia. In NSW it is at 6.4 per cent while it has reached 6.9 per cent in Victoria. Surprisingly, unemployment fell in the ACT to 4.1 per cent.
The overall result would have been much worse but for another fall in the participation rate, which edged down to 62.9 per cent, its lowest level since 1998.
Since February, the country has shed 838,000 jobs, although the total number of people unemployed has increased by a much more modest 231,300.
At 927,600, the number of officially unemployed has climbed to its highest level since December 1993, when the country was still recovering from the 1990-91 recession.
The head of labour statistics at the ABS, Bjorn Jarvis, said there had been a substantial hit to the nation's job market.
"In two months, the percentage of people aged 15 and over employed in Australia decreased from around 62.5 per cent to around 58.7 per cent," he said.
Mr Bjorn said the under-utilisation rate had now reached a record high of 20.2 per cent while monthly hours worked had fallen by 10.2 per cent since March.
"The ABS estimates that a combined group of around 2.3 million people – around one in five employed people – were affected by either job loss between April and May or had less hours than usual for economic reasons in May," he said.
https://news.google.com/__i/rss/rd/articles/CBMigAFodHRwczovL2FtcC5zbWguY29tLmF1L3BvbGl0aWNzL2ZlZGVyYWwvdW5lbXBsb3ltZW50LXJlYWNoZXMtMTkteWVhci1oaWdoLWluLW1heS1hZnRlci1sb3NzLW9mLTIyNy0wMDAtam9icy0yMDIwMDYxOC1wNTUzczEuaHRtbNIBgAFodHRwczovL2FtcC5zbWguY29tLmF1L3BvbGl0aWNzL2ZlZGVyYWwvdW5lbXBsb3ltZW50LXJlYWNoZXMtMTkteWVhci1oaWdoLWluLW1heS1hZnRlci1sb3NzLW9mLTIyNy0wMDAtam9icy0yMDIwMDYxOC1wNTUzczEuaHRtbA?oc=5
2020-06-18 02:11:05Z
52780860121440
Bagikan Berita Ini
0 Response to "Unemployment reaches 19-year high in May after loss of 227,000 jobs - Sydney Morning Herald"
Post a Comment