Australia’s Unemployment Rate Jumps To 7.5%
According to the latest labour force data, more than one million Australians are now out of work, which shows the unemployment rate is now 7.5%.
Even though seasonally adjusted employment increased by 114,700 people between June and July, and hours worked increased 1.3%, the unemployment rate in July edged up from 7.4% in June.
The survey was completed before Victoria implemented the stage four lockdown in an effort to contain a second wave of coronavirus infections in the state, so the monthly result is likely more rosy than the current reality.
Full-time employment increased by 43,500 people in the month, and part-time employment by 71,200 people.
According to the Australian Bureau of Statistics, compared with 12 months ago, there are 282,800 fewer people employed full-time, and 131,700 fewer employed part-time.
As well as the increase in employment, participation in July increased 0.6% to 64.7% in July 2020. Female participation increased 0.7% to 59.9%, and male participation increased 0.5% to 69.6%.
The current unemployment rate of 7.5% is more than two points higher than the result a year ago.
The number of unemployed people increased by 15,700 in July. This pushed the number of jobless people north of one million.
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