Unemployment Rate in Australia Highest in Over Two Years

Australia's unemployment rate has surged to its highest level in over two years.

According to official data published by the Australian Bureau of Statistics (ABS) on Thursday, Australia's unemployment rate rose to 4.2% in July, up from 4.1 percent in June. 

This is the highest rate since November 2021.

The Australian Broadcasting Corporation (ABC) reported that economists had broadly expected the unemployment rate to remain steady at 4.1 percent in July.

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.

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 percent in June to a record high of 67.1 percent in July.

"The employment-to-population ratio rose by 0.1 percentage point to 64.3 percent, indicating employment growth was faster than population growth, and was just below the historical high of 64.4 percent 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."

Lamb said 4.2 percent 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 percent.

Xinhua/ RSS