Australia records unexpected drop in jobless rate

19.08.2021 - Kulakov Vladimir
Australia records unexpected drop in jobless rate

The unemployment rate in Australia recorded a surprise decline in July. This came as hours worked dropped and lesser job seekers alleviated the impact of Sydney lockdown in curbing the Delta virus variant outbreak.

Data from Australian Bureau of Statistics on Thursday showed a 4.6% slump in the jobless rate. Economists initially projected a 5% increase. There were 2,200 positions added in the economy in contrast to a foreseen 43,100 drop. The participation rate was down 66%.

The resilience is said to be temporary following reported COVID-19 outbreaks all over the east coast. The imposed lockdowns limit activity in Australia’s most populous region.

Despite this, the Reserve Bank expects to continue cutting bond purchases next month, betting the economy will rebound from a projected drop this quarter.

Australia’s sluggish nationwide vaccine rollout remains the largest roadblock to resuming normalcy in the economy and reopening borders shut in early 2020.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?