The unemployment rate in Australia surged to 13.2% last month, according to research firm Roy Morgan.
The Australian Bureau of Statistics’ official figure for January was 6.4%.
So Roy Morgan’s rate just one month later is a shocking escalation that dampens the post-COVID recovery and pro-inflation mood that the ASX has been enjoying recently.
Roy Morgan chief Michele Levine attributed the hike to people joining the workforce as JobKeeper terminates and JobSeeker payments wind down to a lower level.
“Overall employment increased by 28,000 to over 12.7 million Australians – the highest for a year since early March 2020. However, unemployment increased by 250,000 to 1.93 million – the highest since August 2020,” she…
Warren Ruth is still early into his career as tech and digital marketing reporter but has already had his work published in many major publications including JoyStiq and Android Authority. In regards to academics, Warren earned a degree in business from CSUF. Warren has a passion for emerging technology and covers upcoming products and breakthroughs in science and tech.