Australian jobless rate drops, but lockdowns muddy the data By Reuters
By Wayne Cole SYDNEY (Reuters) - Australia's unemployment rate dived unexpectedly in July to a 12-year low, but the drop was largely due to people falling out of the labour force as coronavirus lockdowns limited their ability to look for work. Analysts cautioned the true hit to jobs and unemployment would become more apparent in August and September data, confirming the economy likely contracted sharply this quarter. Thursday's report from the Australian Bureau of Statistics (ABS) showed the jobless rate slid to 4.6% in July, when analysts had expected a tick up to 5.0%. Employment rose...
Continue reading