Australian Unemployment Rate Falls To 12-Year Low
The unemployment rate has fallen to 12-year low of 4.6 per cent in July, although it appears to be a mere technicality.
Vast numbers of the NSW population have stopped looking for jobs during the lockdown, meaning they aren’t included in the employment stats. The state’s participation rate fell by a huge 1 per cent, totalling about 64,000 people.
“The number of people on zero hours from being stood down is 181,500, up from 156,500 and 58,200 in June and May respectively,” Alex Joiner, chief economist at IMF Investors, told AFR – noting that the unemployment rate has actually risen to around 6 per cent when taking in these figures.
“This rise in zero hours after being stood down largely reflects the number of people in NSW, which is up to 116,700 in July from 13,900 in June.”
Actual hours worked across NSW fell 7 per cent in July, which “highlights the extent to which people in NSW had reduced hours or no work through the early stages of the lockdown, without necessarily losing their jobs,” Bureau of Statistics head of labour statistics Bjorn Jarvis said.