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Unemployment rises but remains below estimates

  • October 16 2020
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Unemployment rises but remains below estimates

By Cameron Micallef
October 16 2020

Australia’s unemployment rate has continued to rise to almost 7 per cent in September following an unusually strong showing in August, official figures have revealed.

Unemployment rises but remains below estimates

Unemployment rises but remains below estimates

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  • October 16 2020
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Australia’s unemployment rate has continued to rise to almost 7 per cent in September following an unusually strong showing in August, official figures have revealed.

Unemployment rises but remains below estimates

Numbers released by the Australian Bureau of Statistics (ABS) showed unemployment hit 6.9 per cent in September, with a further 30,000 jobs being removed.

Two-thirds of the reduction was in full-time work, falling by 20,100 while part-time roles reduced by 9,400.

Over the year to September 2020, employment has decreased by 2.8 per cent or 358,000 people.

The figures showed that in September around 400,000 people entered the workforce while 350,000 left.

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ABS head of labour statistics Bjorn Jarvis noted the impact of lockdowns and business struggles on the labour market.

“Employment in Victoria decreased by 36,000, following a fall of 37,000 in August. Hours worked in the state fell by a further 2.1 per cent, following the 4.6 per cent fall in August.”

The underemployment rate increased by 0.1 per cent to 11.4 per cent, 2.6 per cent above March. Under-utilisation – which combines underemployment and unemployment – also rose 0.2 per cent to 18.3 per cent, remaining 4.3 per cent higher than in March. 

“The data also showed that hours worked rose by 0.5 per cent, following a small decrease in August (0.1 per cent). However, hours worked were 5.1 per cent below March,” he said.

Unemployment rises but remains below estimates
Unemployment rises but remains below estimates
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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