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Unemployment rose to 7.4 per cent in June and nearly a million people were officially declared unemployed

Source: xkb.com.au
[Economic News]     16 Jul 2020
The Australian unemployment rate rose to 7.4 percent in six, after a seasonal adjustment, and more people came out looking for work as the epidemic closed and restrictions eased. During June, another 69,300 people lost their jobs, despite a total increase of 210,800 jobs during that month. Australia's Bureau of Statistics (ABS) today reported 249,000 new jobs, less 38,100 full-time jobs.
Unemployment rose to 7.4 per cent in June and nearly a million people were officially declared unemployed

Australia's unemployment rate rose to 7.4% in six after a seasonal adjustment, and more people came out looking for work as the epidemic closed and restrictions eased.

During June, another 69,300 people lost their jobs, despite a total increase of 210,800 jobs during that month.

Australia's Bureau of Statistics (ABS) today reported 249,000 new jobs, less 38,100 full-time jobs.

The unemployment rate rose from 6.8 per cent in April to 7.1 per cent in May and then to 7.4 per cent in June, reflecting the severe impact on economic and employment production caused by closures and social distance restrictions introduced government the peak of the epidemic at the end of March.

Bureau of Statistics says 992,000 Australians are now officially unemployed. The unemployment rate was the highest since the end of 1998, with an increase of 2.3 per cent since February.

Although joblessness was widely expected to rise to 7.3 per cent in June by local economic and financial markets, and although unsealing and relaxing social-distance restrictions would lead to an increase of about 100,000 jobs in the month, more people who had previously given up looking for work would return to work, leading to a sharp increase in unemployment.

As unemployment rose, the Australian dollar weakened to 69.92 cents today in the local currency market from 70.03 cents before the Bureau of Statistics's announcement.

The labour force participation rate increased by 1.3 per cent to 64 per cent as a result of the increase in the number of job seekers, which also reflects a gradual recovery in labour market conditions.

The underemployment rate declined by 1.4 per cent to 11.7 per cent. The underutilization of the working population decreased by 1 per cent to 19.1 per cent.

According to the state situation, the unemployment rate in South Australia was the highest at 8.8%, followed by Western Australia at 8.7%, the third highest in Queensland at 7.7%, while the unemployment rate in Victoria rose to 7.5%, but the unemployment rate in New Zealand fell to 6.9%.

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