Australia Unemployment May 2020

Australia

Australia: Unemployment rate jumps to a near 22-year high in June

June 18, 2020

Seasonally-adjusted employment soared by 210,800 in June, following a revised 264,100 jobs lost in May (previously reported: -227,700), as more people looked for a job following the re-opening of the economy from lockdown. June’s result was driven by a sharp surge in part-time employment more than offsetting declining full-time employment.

Meanwhile, the seasonally-adjusted unemployment rate climbed to 7.4% in June, from May’s 7.1%, the highest level since November 1998. Moreover, the participation rate rose by 1.3 percentage points to 64.0% in June, as more people went looking for work. Meanwhile, the seasonally-adjusted underemployment rate declined 1.4 percentage points to 11.7%, yet still 2.9 percentage points above March’s reading.

FocusEconomics panelists project the unemployment rate to average 8.0% in 2020, up 2.3 percentage points from last month’s estimate, and 7.3% in 2021.


Author: Massimo Bassetti, Senior Economist

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Australia Unemployment Chart


Australia Unemployment May 20 20 0

Note: Seasonally-adjusted unemployment rate in % and new jobs in thousands.
Source: Australian Bureau of Statistics.


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