Canberra, Aug 15 (IANS) Australia’s unemployment rate has risen to its highest level in over two years, according to official data published by the Australian Bureau of Statistics (ABS) on Thursday.
The unemployment rate rose to 4.2 per cent in July – up from 4.1 per cent in June and the equal-highest figure since November 2021, the ABS data revealed.
Economists broadly expected the unemployment rate to remain steady at 4.1 per cent in July, reports Xinhua news agency, quoting the Australian Broadcasting Corporation (ABC).
The ABS said the total number of employed Australians increased by 58,200 between June and July to 14.46 million but that the number of unemployed people grew by 23,900 in the same period to 637,100 – the highest since November 2021.
As a result, the participation rate, which measures the proportion of working-age Australians who are either employed or actively looking for work, rose from 66.9 per cent in June to a record high of 67.1 per cent in July.
“The employment-to-population ratio rose by 0.1 percentage point to 64.3 per cent, indicating employment growth was faster than population growth and was just below the historical high of 64.4 per cent in November 2023,” Kate Lamb, head of labour statistics at the ABS, said in a statement.
“The record high participation rate and near record high employment-to-population ratio show that there continues to be a high number of people in jobs, and looking for and finding jobs.”
She said 4.2 per cent of employed Australians worked reduced hours in July due to illness, similar to the levels in May and June and above the five-year pre-COVID July average of 3.6 per cent.
–IANS
int/jk/sd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
