Coronavirus fuels steepest-ever drop in Australian jobs
4 years, 7 months ago

Coronavirus fuels steepest-ever drop in Australian jobs

Al Jazeera  

Hundreds of thousands lost jobs as a result of the coronavirus lockdown, as government warns worse is yet to come. Australian jobs plunged by the most on record in April as hundreds of thousands of people became unemployee as a result of coronavirus lockdowns, with Prime Minister Scott Morrison warning Australians to brace for more “hard news”. Additionally, Prime Minister Scott Morrison has pledged spending worth more than 10 percent of GDP, including a 130 billion Australian dollar subsidy to employers to keep staff they might otherwise have let go. The number of hours worked between March and April in seasonally adjusted terms fell by 9.2 percent, double the decrease in employed people, the data showed. The dire Australian numbers follow those in the United States, which showed 20.5 million jobs lost in April, and the unemployment rate rising to 14.7 percent.

Unemployment Number Rate Australian 10 Percent  rate  data  jobs  fuels  showed  result  australian  hours  morrison  lost  drop  coronavirus  number  unemployment  steepestever

History of this topic

US unemployment claims fall to 211,000, the lowest level since March
1 week ago

US unemployment claims fall to 211,000, the lowest level since March

Associated Press  

WASHINGTON — The number of Americans applying for unemployment checks dropped last week to the lowest level since March, suggesting that suggest most U.S. workers continue to enjoy unusually high job security. The overall numbers receiving unemployment benefits fell by 52,000 to 1.84 million, the lowest since September. When the Labor Department releases hiring numbers for December on Jan. 10, …

Australia's unemployment rate falls to 3.9pc in November, its lowest level since March
4 weeks ago

Australia's unemployment rate falls to 3.9pc in November, its lowest level since March

ABC  

Australia's unemployment rate fell to 3.9 per cent in November, down from 4.1 per cent in October. "The only downside to Australia's remarkably strong job market is that any hope of a near-term interest rate cut is over," said Callam Pickering, APAC economist at global job site Indeed. "Today's blockbuster November employment report seemingly pushes back — yet again — …

Unemployment rate climbs to 4.2 per cent in July despite 58,000 people finding work
4 months, 3 weeks ago

Unemployment rate climbs to 4.2 per cent in July despite 58,000 people finding work

ABC  

The unemployment rate has climbed to 4.2 per cent in July — its highest level since November 2021 — as Australia's economy continues to slow down. "The unemployment rate rose to 4.2 per cent in July, with the number of unemployed growing by 24,000 people and employed by around 58,000. However, that competitive jobs market extends well beyond graduates — …

With 114,000 new jobs in July, hiring slows down in US. Unemployment rate at 4.3%
5 months, 1 week ago

With 114,000 new jobs in July, hiring slows down in US. Unemployment rate at 4.3%

Firstpost  

US hiring slowed sharply in July, adding only 114,000 jobs well below the forecasted 175,000, causing the unemployment rate to rise to 4.3%, the highest since October 2021. The unemployment rate unexpectedly surged to 4.3%, its highest level since October 2021, contrary to expectations of it remaining steady at 4.1%. Many economists believe that today’s rising unemployment rates reveal an …

Economists warn unemployment rate could rise above 5 per cent, with hundreds of applications for individual jobs
5 months, 2 weeks ago

Economists warn unemployment rate could rise above 5 per cent, with hundreds of applications for individual jobs

ABC  

While the jobless rate has been slowly creeping higher, alarm bells are ringing about the potential for a big surge in unemployment. Dr Chapman warned there was a risk Australia's unemployment rate could peak above 5 per cent, which is well above current forecasts, by the end of next year. Jobless rate acceleration a matter of time The obvious question …

Unemployment edges up despite more than 50,000 extra jobs amid population and participation growth
5 months, 3 weeks ago

Unemployment edges up despite more than 50,000 extra jobs amid population and participation growth

ABC  

Australia's unemployment rate has continued to edge higher, despite the creation of about 50,000, mostly full-time, jobs. "The participation rate in June was only 0.1 percentage point lower than the historical high of 67.0 per cent in November 2023," he noted. "This, along with the continued high level of job vacancies, suggests the labour market remains relatively tight, despite the …

Australia's unemployment rate declines to 4 per cent in May, presenting a 'goldilocks' scenario for Reserve Bank
6 months, 3 weeks ago

Australia's unemployment rate declines to 4 per cent in May, presenting a 'goldilocks' scenario for Reserve Bank

ABC  

Australia's headline unemployment rate was 4 per cent in May, down 0.1 percentage points from April. However, ABS data show the "trend" unemployment rate — which looks through the more volatile seasonally adjusted monthly figure — picked up slightly in May, from 3.9 per cent to 4 per cent. "At 4 per cent, the unemployment rate is spot on the …

Australia's unemployment rate rises to 4.1 per cent in April
7 months, 3 weeks ago

Australia's unemployment rate rises to 4.1 per cent in April

ABC  

Australia's headline unemployment rate rose to 4.1 per cent in April, up 0.2 percentage points from March. "This suggests that the labour market remains tight, though less tight than late 2022 and early 2023," said Bjorn Jarvis, ABS head of labour statistics. "The bank will therefore be pleased that overall hours worked fell by 0.8 per cent year-on-year, the first …

Will the US unemployment rate continue at historic lows?
9 months ago

Will the US unemployment rate continue at historic lows?

Al Jazeera  

US job growth has continued at a steady clip in the months since the COVID-19 pandemic, but experts are looking for warning signs. All eyes will be on Friday’s US unemployment numbers to see how many jobs were added in March and whether the unemployment rate continues to stay in its historically low range or if it is time for …

California’s unemployment rate is the highest in the nation. Slower job growth is to blame
9 months, 2 weeks ago

California’s unemployment rate is the highest in the nation. Slower job growth is to blame

Associated Press  

SACRAMENTO, Calif. — California’s unemployment rate is now the highest in the country, reaching 5.3% in February following new data that revealed job growth in the nation’s most populous state was much lower last year than previously thought. But this year, while the data initially showed California added 300,000 jobs between September 2022 and September 2023, the corrected numbers released …

Jobs surge sees unemployment rate tumble back to 3.7 per cent
9 months, 2 weeks ago

Jobs surge sees unemployment rate tumble back to 3.7 per cent

ABC  

In short: An additional 116,500 Australians were employed in February, the biggest monthly jobs gain on record, outside of the pandemic period. The unemployment rate has dropped back to 3.7 per cent with more than 116,000 extra Australians in employment last month, compared with January, according to seasonally adjusted data from the Australian Bureau of Statistics. "With employment growing by …

Pay rising too fast for interest rate cut, economists warn
10 months, 3 weeks ago

Pay rising too fast for interest rate cut, economists warn

The Telegraph  

The number of people kept out of the jobs market by long-term sickness remains near an all-time high, ONS figures showed. One person in every 15 of working age – 6.6pc, equivalent to 2.8 million people – said ill health kept them from working or from looking for a job in the final quarter of 2023. Government must do more …

Weekly US unemployment claims rise slightly but job market remains strong as inflation eases
1 year ago

Weekly US unemployment claims rise slightly but job market remains strong as inflation eases

Associated Press  

WASHINGTON — The number of Americans applying for unemployment benefits rose slightly last week but still remained at historically low levels despite high interest rates intended to slow hiring and cool the economy. The Federal Reserve began raising interest rates last year to combat the inflation that surged as the result of an unexpectedly strong economic rebound from the COVID-19 …

US job openings fall to lowest level since March 2021 as labor market cools
1 year, 1 month ago

US job openings fall to lowest level since March 2021 as labor market cools

Associated Press  

WASHINGTON — U.S. employers posted 8.7 million job openings in October, the fewest since March 2021, in a sign that hiring is cooling in the face of higher interest rates yet remains at a still-healthy pace. The drop in job openings last month was particularly steep in healthcare and social assistance, where they fell by 236,000; finance, which includes banking, …

The jobs market is strong for now, but unemployment will be the last indicator of recession
1 year, 6 months ago

The jobs market is strong for now, but unemployment will be the last indicator of recession

ABC  

The latest unemployment numbers had a lot of us scratching our heads — economists, journalists, financial traders, possibly even the statisticians themselves. After more than a year of interest rate rises at the fastest pace in recent history, all while Australians hold more debt than they ever have before, employers added close to 76,000 extra staff pushing unemployment back down …

Australia's economy recovered in 2022, will it crash in 2023?
2 years ago

Australia's economy recovered in 2022, will it crash in 2023?

ABC  

Despite the odds, Australia largely withstood the global economic hurdles of 2022. "I think that's going to be the big story for next year, how much further for rates, how long do they hold and how quickly do we see the pricing dynamics and inflation ultimately being consistent with 2 to 3 per cent. "I think the unemployment rate's going …

Fewer Americans claim jobless benefits last week
2 years, 4 months ago

Fewer Americans claim jobless benefits last week

Associated Press  

NEW YORK — Fewer Americans filed for unemployment benefits last week as the labor market continues to stand out as one of the strongest segments of the U.S. economy. Applications for jobless aid for the week ending Aug. 20 fell by 2,000 to 243,000, the Labor Department reported Thursday. The number of Americans collecting traditional unemployment benefits fell by 19,000 …

Long-term unemployment is falling rapidly, and it's changing lives
2 years, 4 months ago

Long-term unemployment is falling rapidly, and it's changing lives

ABC  

The labour market hasn't been this tight in decades. In October last year, when the national unemployment rate was still 5.2 per cent, there were 183,400 people in long-term unemployment. But the unemployment rate is now 3.4 per cent, a level last seen in the early 1970s, and the number of people in long-term unemployment has dropped by 55,500. Well, …

Unemployment may soon dip below 3 per cent and is set to stay below 5 per cent for years to come
2 years, 4 months ago

Unemployment may soon dip below 3 per cent and is set to stay below 5 per cent for years to come

ABC  

Unfathomably, Australia's unemployment rate has sunk to 3.5 per cent. In the years before COVID, typically 3 per cent of the workforce worked less than usual hours in any given week as a result of illness or injury. In the half century we have been collecting modern employment statistics, unemployment has shot up dramatically three times: in the mid-1970s, when …

The unemployment rate fell to 3.5%, matching its lowest level in the last 50 years
2 years, 5 months ago

The unemployment rate fell to 3.5%, matching its lowest level in the last 50 years

NPR  

The unemployment rate fell to 3.5%, matching its lowest level in the last 50 years U.S. employers added more than half a million jobs in July: more than twice as many as forecasters had expected. We are getting some mixed signals in the economic data, but Daniel Zhao, who's with the job search website Glassdoor, says the job market just …

One unemployed person per vacant job: Has Australia finally hit full employment?
2 years, 5 months ago

One unemployed person per vacant job: Has Australia finally hit full employment?

ABC  

Australia's unemployment rate is 3.5 per cent, and it hasn't been this low since August 1974. But even accounting for those realities, he said full employment would see far more people in jobs than existed in the wasteful inter-war years, when 10 per cent of the workforce was frequently without work. But a few years later, after full employment had …

With inflation rising and talk of a possible recession, Australia's low unemployment rate may not be cause for celebration
2 years, 5 months ago

With inflation rising and talk of a possible recession, Australia's low unemployment rate may not be cause for celebration

ABC  

Have you ever had the "tap on the shoulder"? So why raise this idea when this week Australia's unemployment rate fell to 3.5 per cent — the lowest level since 1974? "We think a relatively large rise in unemployment over a short period of time is a more useful definition of recession for Australia than the 'accepted' definition of two …

Unemployment plunges to 3.5 per cent, with nearly 90,000 jobs added in June
2 years, 5 months ago

Unemployment plunges to 3.5 per cent, with nearly 90,000 jobs added in June

ABC  

Australia's official unemployment rate has dropped to 3.5 per cent, with an estimated 88,400 jobs added to the economy last month. Key points: The unemployment rate has fallen from 3.9 to 3.5 per cent This is the lowest official jobless rate recorded since August 1974 Job vacancies remain high, with almost one available position for every officially unemployed person This …

EXPLAINER: 5 key takeaways from the June jobs report
2 years, 6 months ago

EXPLAINER: 5 key takeaways from the June jobs report

Associated Press  

WASHINGTON — Inflation is raging. And the Fed will likely see June’s hiring spree as another reason to keep aggressively raising its benchmark short-term interest rate as it did in March, May and June to try to tame inflation. Here are five takeaways from the June jobs report: HIRING: STRONG BUT SLOWING “The recent numbers usually would be consistent with …

EXPLAINER: 5 key takeaways from the June jobs report
2 years, 6 months ago

EXPLAINER: 5 key takeaways from the June jobs report

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. And the Fed will likely …

Australia job openings at record high. These industries struggling to find staff
2 years, 6 months ago

Australia job openings at record high. These industries struggling to find staff

Live Mint  

Job vacancies in Australia surged to all-time highs in the May quarter as firms struggled to find staff amid a tightening labour market. There were 480,000 job vacancies in May 2022 in Australia, higher than more than 58,000 more than in February 2022, according to new seasonally adjusted figures from the Australian Bureau of Statistics. Bjorn Jarvis, head of Labour …

The workers hit the hardest
2 years, 8 months ago

The workers hit the hardest

The Hindu  

According to the Centre for Monitoring Indian Economy ’s Consumer Pyramids Household Survey, employment in India fell from 408.9 million in 2019-20 to 387.2 million in 2020-21 and then recovered to 401.8 million in 2021-22. The 7 million jobs lost over the two years since the COVID-19 outbreak is unevenly distributed, so it may be difficult to cover most of …

Unemployment rate down, but does that mean more jobs created? Data suggest otherwise
2 years, 10 months ago

Unemployment rate down, but does that mean more jobs created? Data suggest otherwise

India Today  

The Covid-19 pandemic severely hit the job market in 2020. The unemployment rate dropped to 6.6 per cent in January 2022, which is lower than the pre-pandemic levels of 7.2 per cent in January 2020. The labour force participation rate fell from 40.9 per cent in December 2021 to 39.9 per cent in January 2022. These two ratios show the …

The unemployment rate is falling quickly. This 'special formula' explains why
2 years, 10 months ago

The unemployment rate is falling quickly. This 'special formula' explains why

ABC  

Want to see the unemployment rate drop quickly? The "labour force framework" shows show how closed borders have impacted the unemployment rate, writes Gareth Hutchens. However, the unemployment rate will go down by much more when you boost employment by drawing on the pool of unemployed people. Notice how, when the pool of unemployed people shrinks to feed the growth …

Have closed borders pushed Australia’s unemployment rate down? This model shows they have
2 years, 10 months ago

Have closed borders pushed Australia’s unemployment rate down? This model shows they have

ABC  

Have our closed international borders helped to drive the unemployment rate down? We have to engage with the labour force framework Whenever we talk about the "unemployment rate", we must engage with the labour force framework that produces the number. Embedded in the concept of the "working-age population" and how it's linked to the "labour force" and how the labour …

A likely poor jobs figure for January could prove temporary
2 years, 11 months ago

A likely poor jobs figure for January could prove temporary

LA Times  

Last month, U.S. employers might have shed jobs for the first time in about a year, potentially raising alarms about the economy’s trajectory. Yet even if the January employment report coming Friday were to show a deep loss of jobs, there would be little mystery about the likely culprit: a wave of Omicron cases last month that led millions of …

US unemployment claims drop to new pandemic low
3 years, 2 months ago

US unemployment claims drop to new pandemic low

Live Mint  

The number of Americans applying for unemployment benefits fell to a fresh pandemic low last week, another sign the job market is healing after last year's coronavirus recession. Since topping 900,000 in early January, the weekly applications have fallen more or less steadily ever since and are gradually moving toward prepandemic levels of around 220,000 a week. Overall, 2.1 million …

Unemployment falls again to 4.5pc, but hours worked paints the true picture of lockdown
3 years, 3 months ago

Unemployment falls again to 4.5pc, but hours worked paints the true picture of lockdown

ABC  

Australia's unemployment rate has dropped again, to the lowest level in almost 13 years, but a steep fall in hours worked last month paints a more accurate picture of the economic pain resulting from COVID lockdowns. Key points: Unemployment fell from 4.6 to 4.5 per cent, even though 146,300 jobs were lost in August Hours worked nationally fell by 3.7 …

Economic oddity: Record job openings and many unemployed
3 years, 4 months ago

Economic oddity: Record job openings and many unemployed

Associated Press  

WASHINGTON — The disconnect is jarring: Across the United States, employers who are desperate to fill jobs have posted a record-high number of job openings. On Wednesday, the Labor Department reported that employers posted 10.9 million job openings in July — the most on records dating to 2000. “But a fair number of unemployed or job seekers don’t feel that …

US employers add disappointing 235,000 jobs in August as Delta variant dampens hiring
3 years, 4 months ago

US employers add disappointing 235,000 jobs in August as Delta variant dampens hiring

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Speaking at the White House on Friday morning, President …

Sydney's second city-wide COVID lockdown is hitting jobs harder than its first
3 years, 4 months ago

Sydney's second city-wide COVID lockdown is hitting jobs harder than its first

ABC  

The extended lockdowns in Sydney have hit its payroll jobs harder than last year's lockdowns, with construction jobs hit significantly hard, economists say. Key points: Payroll jobs have fallen 8.9 per cent in Greater Sydney since lockdowns began In the same period, payroll jobs have fallen 3.8 per cent in New South Wales Economists say the negative momentum is accelerating …

Youth unemployment at its lowest since start of pandemic
3 years, 4 months ago

Youth unemployment at its lowest since start of pandemic

NL Times  

In the past three months, the unemployment rate in the Netherlands has been steadily going down, especially among people aged 15 to 25, Statistics Netherlands reported. Youth unemployment was at its lowest in July since the start of the coronavirus crisis in March 2020. Among young people, unemployment rates were still slightly higher than in other age groups in July …

Unemployment rate dropped early in lockdown as people gave up looking for work, data reveals
3 years, 4 months ago

Unemployment rate dropped early in lockdown as people gave up looking for work, data reveals

ABC  

Australia's official unemployment rate dropped early on in the latest round of lockdowns, as the number of people looking for work fell. Key points: Unemployment fell to 4.6 per cent last month, from 4.9 per cent in June The unemployment rate is the lowest it has been since December 2008 The ABS says a huge fall in labour force participation …

Australia's unemployment rate falls below 5 per cent for the first time in 10 years
3 years, 5 months ago

Australia's unemployment rate falls below 5 per cent for the first time in 10 years

ABC  

With the unemployment rate hitting its lowest level in a decade, you would expect the federal government to be celebrating loudly. Key points: Unemployment rate falls to 4.9 per cent, from 5.1 per cent It's the lowest unemployment rate in a decade The lockdowns in New South Wales will impact the jobs data in coming months But Prime Minister Scott …

We should thank the unemployed for their service. They've been used to control inflation
3 years, 6 months ago

We should thank the unemployed for their service. They've been used to control inflation

ABC  

I want to show you something. Well, if the unemployment rate starts declining, and their model's telling them it's very close to, or has fallen below, the presumed "natural" level, they'll lift interest rates to "take some heat out" of the economy. By preventing the unemployment rate from falling below its presumed "natural" level, they've been using hundreds of thousands …

Unemployment below pre-pandemic levels as jobs surge resumes. Will wages rise?
3 years, 6 months ago

Unemployment below pre-pandemic levels as jobs surge resumes. Will wages rise?

ABC  

From fears of mass unemployment to worries about labour shortages, Australia's jobs market has staged a dramatic turnaround since the COVID-19 pandemic hit our shores. Key points: Unemployment falls from 5.5 to 5.1 per cent An estimated 115,200 jobs were added, the vast majority full-time The underemployment rate also fell from 7.8 to 7.4 per cent, a seven-year low For …

Unemployment is back near pre-pandemic levels. A CBA economist says missing foreign workers are one reason why
3 years, 6 months ago

Unemployment is back near pre-pandemic levels. A CBA economist says missing foreign workers are one reason why

ABC  

We know employment in Australia has rebounded strongly from the recession. He says the monthly labour force data is excluding a vital element of Australia's labour force: foreign workers who've been working in Australia for less than 12 months. He says short-term foreign workers, as a share of total workers, has been fairly stable for the last 20 years, sitting …

U.S. job growth picks up in May; unemployment rate falls to 5.8%
3 years, 7 months ago

U.S. job growth picks up in May; unemployment rate falls to 5.8%

The Hindu  

U.S. employers boosted hiring in May as the easing pandemic, helped by vaccinations, pulled more people back into the labour force, offering assurance that the economy’s recovery from the COVID-19 recession remained on track. Non-farm payrolls increased by 5.59 lakh jobs last month, the Labor Department said in its closely watched employment report on Friday. Data for April was revised …

Covid-19: How 2nd wave has impacted jobs, household incomes
3 years, 7 months ago

Covid-19: How 2nd wave has impacted jobs, household incomes

India Today  

The second wave of Covid-19 has severely impacted household incomes and jobs as local lockdowns remain imposed in most states. Over 10 million Indians have lost their jobs because of the second wave of Covid-19, and around 97 per cent of households have faced income loss since the beginning of the pandemic last year, Centre for Monitoring Indian Economy chief …

Unemployment rate falls and job vacancies rise as economy opens up
3 years, 7 months ago

Unemployment rate falls and job vacancies rise as economy opens up

Dutch News  

The Dutch official unemployment rate fell to 3.6% in the first three months of 2021, due to a combination of more people finding work, and an increase in people stopping looking for work altogether, the national statistics agency CBS said on Tuesday. In the first quarter, there were 73 vacancies per 100 unemployed, compared with 57 per 100 at the …

Unemployment rate falls and job vacancies rise as economy opens up
3 years, 7 months ago

Unemployment rate falls and job vacancies rise as economy opens up

Dutch News  

The Dutch official unemployment rate fell to 3.6% in the first three months of 2021, due to a combination of more people finding work, and an increase in people stopping looking for work altogether, the national statistics agency CBS said on Tuesday. In the first quarter, there were 73 vacancies per 100 unemployed, compared with 57 per 100 at the …

Covid-19: Unemployment rate rises to 4-month high, over 70 lakh out of jobs in April
3 years, 8 months ago

Covid-19: Unemployment rate rises to 4-month high, over 70 lakh out of jobs in April

India Today  

The unemployment rate in the country has touched a four-month high as localised lockdowns imposed in many states have impacted over 70 lakh jobs. The Centre for Monitoring Indian Economy, a Mumbai-based economic think-tank, told news agency PTI that the national unemployment rate in the country has touched a four-month high of nearly 8 per cent in April. Read | …

Jobless claims drop 13,000 to 553,000 as economy heals
3 years, 8 months ago

Jobless claims drop 13,000 to 553,000 as economy heals

Associated Press  

WASHINGTON — The number of Americans applying for unemployment benefits dropped by 13,000 last week to 553,000, the lowest level since the pandemic hit last March and another sign the economy is recovering from the coronavirus recession. Nearly 3.7 million people were receiving traditional state unemployment benefits the week of April 17. “We expect further declines in filings as businesses …

California is ‘clawing back’ from pandemic recession. But some have quit the job hunt
3 years, 8 months ago

California is ‘clawing back’ from pandemic recession. But some have quit the job hunt

LA Times  

Ian McFarland, a 33-year-old video editor and screenwriter, has been applying for jobs unsuccessfully since he was laid off in March 2020. “California is clawing back some of the huge job losses suffered during the pandemic, but much progress remains to be achieved,” said Lynn Reaser, an economist at San Diego’s Point Loma Nazarene University. “I may even have to …

Unemployment rate still falling as COVID economic recovery continues
3 years, 8 months ago

Unemployment rate still falling as COVID economic recovery continues

ABC  

Australia's unemployment rate has continued to fall, and it is women leading the jobs recovery. Key points: The unemployment rate fell from 5.8pc in February to 5.6pc in March Unemployment is now just 0.4 of a percentage point higher than it was before the COVID-19 pandemic was declared These ABS numbers relate to employment over the first two weeks of …

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