Thursday, May 19, 2022

Unemployment drops to lowest rate since 1974

This is not as good as it sounds.  It is basically a "sugar hit" from massive governmemnt spending. But that spending will fuel inflation, which will in turn lead to job losses as people  have to cut back on their spending

The latest unemployment figures show that the unemployment rate has dropped from 4 per cent to 3.9 per cent.

That’s the lowest level in half a century or since mid-1974 and it comes after a small increase in the number of people working through April.

Officially, the Australian Bureau of Statistics (ABS) says the unemployment rate held steady at 3.9 per cent that’s because it revised down March’s rate of 4 per cent to 3.9 per cent, the same figure for April.

It is the lowest jobless rate since August 1974 when it was 2.7 per cent.

Total employment increased by only 4000 for the month but there were huge swings involved.

Full-time employment increased by 92,400 but part-time employment dropped by 88,400.

Underemployment dropped by 0.2 percentage points to 6.1 per cent while the hours worked lifted by 23 million across the economy.

“The number of people working fewer hours than usual due to bad weather dropped from its March peak of over 500,000 to around 70,000 people in April,” ABS head of labour statistics Bjorn Jarvis said.


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