Australian Employment Plummets Amid Extended Lockdowns

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Australian Employment Plummets Amid Extended Lockdowns
Credit: © Reuters.

By Oliver Gray

Investing.com - Data from the Australian Bureau of Statistics (ABS) revealed today that the unemployment rate dipped to 4.5% in August, with employment falling by 146k in August, much further than market expectations of a 90k loss as coronavirus lockdowns in Sydney and Melbourne forced lay offs, reduced hours and the closure of businesses, while the jobless rate fell for the 10th consecutive month and posted its lowest reading in 14 years amid a sharp fall in the number of people looking for work.

 

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