Unemployment Rate In Australia Falls To Its Lowest Level In 50 Years

Australia’s unemployment rate has reached its lowest point in over 50 years due to roughly 20,000 people finding employment in the previous month.

ABS Unemployment Rate

According to newly released data from the Australian Bureau of Statistics (ABS), the unemployment rate decreased by 0.1% from 3.5% to 3.4% in July 2022.

Since August 1974, the country’s unemployment rate has never been lower.

According to Bjorn Jarvis, head of labour statistics at the ABS, employment and unemployment indices decreased in July.

source: tradingeconomics.com

Australia Unemployment Rate 2022

The unemployment rate in July fell to its lowest level since August 1974 due to an increasingly constrained labour market, high job openings, and continued labour shortages, according to Mr. Jarvis.

“There were 474,000 fewer unemployed people in July than open positions in May (480,000).”

Men’s unemployment decreased (by 0.2 percentage points) to 3.4%, while women’s unemployment stayed at 3.4%.

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