Australian employment fell more than expected and the unemployment rate rose as a sharp rise in cases of the Delta variant of SARS-CoV-2 closed businesses in the country’s two largest cities.
The economy lost 138,000 jobs last month, compared to economists’ estimate of a drop of 110,000, data from the Australian Bureau of Statistics showed yesterday.
The unemployment rate rose to 4.6%, although still lower than economists’ forecast of 4.8%.
The turnout fell to 64.5% from 65.2% in August
“Extended shutdowns in New South Wales, Victoria and the Australian Capital Territory have seen employment and hours worked fall below pre-pandemic levels,” labor statistics, Bjorn Jarvis, in a statement. âThe low national unemployment rate continues to reflect reduced participation during recent closures, rather than strong labor market conditions. “
The result reflects multi-month closures along Australia’s populated east coast, with Sydney just this week making attempts to reopen.
The job market had been one of the strongest parts of the A $ 2 trillion (US $ 1.5 trillion) economy prior to the COVID-19 outbreak and the Reserve Bank of Australia has said employers had tried to stay in touch with staff as they waited for a quick rebound.
The weak figures underscore the need for monetary policy to remain accommodative.
The central bank reiterated the need to keep the policy rate at a historically low 0.1% until at least 2024, as pressures on wages and inflation are expected to remain subdued.
Comments will be moderated. Keep comments relevant to the article. Comments containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. The final decision will be at the discretion of the Taipei Times.