Australia's unemployment rate jumped to the highest in about two decades in May as nearly a quarter of a million people lost their jobs due to the coronavirus pandemic-driven shutdowns.
SYDNEY - Australia’s unemployment rate jumped to the highest in about two decades in May as nearly a quarter of a million people lost their jobs due to the coronavirus pandemic-driven shutdowns.
The unemployment rate shot up to 7.1%, the highest since October 2001, from an upwardly revised 6.4% in April and broadly in line with economists’ expectations in a Reuters poll. “But the scale of the job losses means it will likely be years before the labour market has fully recovered.” The number of employees who worked fewer hours or no hours at all fell to 1.55 million from 1.8 million in April, with those working zero hours halving to 360,000
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