Australia's Unemployment Rate Hits Four-and-a-Half Year High Amid Rising Inflation
More Aussies out of work as inflation bites
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Australia's unemployment rate rose to 4.5% in April, marking the highest level since November 2021, with 33,000 fewer people employed. Female unemployment increased to 4.4%, while male unemployment remained at 4.6%. The rise in joblessness coincides with inflation nearing a three-year high and follows two interest rate hikes earlier this year.
- 01The unemployment rate increased by 0.2 percentage points from the previous month.
- 02Queensland experienced the highest unemployment increase, rising 0.5 percentage points to 4.2%.
- 03The number of hours worked by Australians increased by 0.8%, totaling an extra 15.8 million hours in April.
- 04Sean Crick, head of labour statistics at the Australian Bureau of Statistics, noted this is the first fall in female employment since August last year.
- 05Full-time employment fell by 19,000 and part-time employment decreased by 13,000.
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Australia's unemployment rate has climbed to 4.5% in April, the highest level since November 2021, reflecting the impact of inflation on the job market. The latest data, released by the Australian Bureau of Statistics, indicates a 0.2 percentage point increase in unemployment, with 33,000 fewer people employed compared to the previous month. While male unemployment remained stable at 4.6%, female unemployment rose significantly by 0.4 percentage points to 4.4%. Queensland reported the largest increase in unemployment, rising to 4.2%, while New South Wales and South Australia also contributed to the national rise. Despite the increase in unemployment, Australians worked 0.8% more hours in April, totaling an additional 15.8 million hours compared to March. This surge in joblessness follows two interest rate hikes earlier this year and comes as inflation approaches a three-year high. Sean Crick highlighted that the decline in female employment was a significant factor in the overall employment drop, noting that full-time jobs fell by 19,000 and part-time jobs decreased by 13,000. The employment landscape remains uncertain as the economy adjusts to these changes.
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The rise in unemployment signals potential economic challenges for Australian households, particularly affecting female workers.
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