/ 12 November 2021

Unemployment spike to be short-lived, experts say

Image source: Unsplash
Image source: Unsplash

As lockdowns in NSW and Victoria began to ease in October, the unemployment rate hit a 6-month high, jumping from 4.6% in September to 5.2% last month, with Victoria accounting for most of the 46,000 jobs lost. And the underemployment rate (aka those who have some work but want more) lifted from 9.2% to a 12-month high of 9.5%. But in a sign that things are on the improve, participation nudged up from a 15-month low of 64.5% in September to 64.7% as Sydney’s jobseekers sensed the light at the end of a COVID tunnel. Analysts say this data is already “a little bit dated”, and the next lot will show employment rebounding as the economy shakes off the Delta outbreak. Bring. It. On.

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