Unemployment hits 22 year high
Australia’s unemployment rate climbed to 7.4% in June, the highest level its reached since November 1998.
While grim, there were some bright spots. Australia added 210,800 new jobs as lockdown restrictions eased but before Melbourne returned to lockdown.
Commsec chief economist Craig James says it’s not all bad news and the job market is beginning to show signs of recovery.
“Businesses are coming out of hibernation and starting to hire again but not all the workers are going back into the jobs which they left and that’s the concerning part,
“There will require more stimulus from the federal government.”
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