BREAKING NEWS: Don’t quit your job just yet: Australia’s unemployment surges in a month despite thousands of businesses reopening after lockdowns end in Sydney and Melbourne
- Australia’s unemployment rate spiked to 5.2 per cent in October after lockdowns
- This marked a 0.6 percentage point increase from 4.6 per cent in September
- The bad news was the steepest monthly jobless increase since May 2020
Australia’s unemployment rate has unexpectedly surged to 5.2 per cent despite the end of lockdowns in Sydney and Melbourne.
The October jobless rate marked a sharp rise from 4.6 per cent in September and was the steepest monthly increase since May 2020.
Australia’s unemployment rate is back to the highest level since April.
The bad news has also caught the Reserve Bank of Australia by surprising, which on Friday revised its forecasts to have unemployment falling to 4.75 per cent by the end of 2021.
The number of Australians without work but wanting a job grew by 81,800 to 707,300 as the number of hours worked across the economy plunged by one million.
Australia’s unemployment rate has surged to 5.2 per cent despite the end of lockdowns in Sydney and Melbourne