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.
rachelclun swrighteconomy Major concern to get back on track......Every .5% is $200 a month on the av. mortgage in Victoria. I think Dan best to man the life boats considering the massive debt he has passed on to Victorians from his big spending disasters.
rachelclun swrighteconomy Fake news!!
rachelclun swrighteconomy Where are all the sooks who said under Morrison these figures are fake. Lol weak as
rachelclun swrighteconomy All under Albo !!