Australia's jobless rate edged up even though employment surged by a record in June, as more people searched for work encouraged by the re-opening of the economy from the coronavirus lockdown.
SYDNEY - Australia’s jobless rate edged up even though employment surged by a record in June, as more people searched for work encouraged by the re-opening of the economy from the coronavirus lockdown.
The participation rate in June rose by 1.3 percentage points to 64%, the highest since April, driving unemployment higher. With the government support soon expected to be withdrawn, economists expect the jobless rate to remain elevated for some time.“Looking ahead, we continue to expect weakness in the labour market, with employment to relapse in Q4, and unemployment to increase further to 8%,” UBS economist George Tharenou wrote in a note.
Australia is facing its first recession in nearly three decades with the country’s central bank predicting the jobless rate will stay elevated through 2021.
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