Unemployment has risen to almost 7 per cent in September following an unusually strong showing in August.
Unemployment hit 6.9 per cent between in September as the economy lost 30,000 jobs. Full-time employment decreased by 20,100 and part-time employment fell by 9,400. The increase is slightly short of forecasts of a 7 per cent unemployment rate, but unemployment is still expected to hit 8 per cent before falling gradually over the mid- to long-term.
“The September data provides further insights into the labour market impacts from the Stage 4 restrictions in Victoria,” said ABS head of labour statistics Bjorn Jarvis.
“Employment in Victoria decreased by 36,000, following a fall of 37,000 in August. Hours worked in the state fell by a further 2.1 per cent, following the 4.6 per cent fall in August.”
The underemployment rate increased by 0.1 per cent to 11.4 per cent, 2.6 per cent above March. Under-utilisation – which combines underemployment and unemployment – also rose 0.2 per cent to 18.3 per cent, remaining 4.3 per cent higher than in March.
“The data also showed that hours worked rose by 0.5 per cent, following a small decrease in August (0.1 per cent). However, hours worked were 5.1 per cent below March,” he said.
There is a growing demand for sustainable finance from institutional investors, according to the big four bank. ...
AMP could face further risks according to analysts at Morgan Stanley, with the negative flow trends across the wealth giant expected to cont...
The wealth and trustee arm of MyState, TPT Wealth, has seen a slight increase of 1 per cent during the first quarter of financial year 2021,...
Subscribe to our newsletter
Copyright © 2020 Investor Daily
Get notifications in real-time for staying up to date with content that matters to you.
Read More