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Another spike in jobless rate expected Economists expect a further jump in the unemployment rate to seven per cent, the highest rate in 21 years

Another spike in jobless rate expected Economists expect a further jump in the unemployment rate to seven per cent, the highest rate in 21 years

Another spike in jobless rate expected. Economists expect a further jump in the unemployment rate to seven per cent, the highest rate in 21 years.

The true impact of the coronavirus pandemic on the Australian economy will become clearer when the latest jobs figures are released.

There have been signs the impact from the crisis on unemployment will not be as bad as first feared, but economists expect the jobless rate will leap to seven per cent when May data is released on Thursday.

It would be the highest rate in 21 years.

In April, the unemployment rate jumped to 6.2 per cent from 5.2 per cent, the biggest month-on-month rise on record, as almost 600,000 people lost their jobs.

The result was complicated by the impact of the JobKeeper wage subsidy and the many Australians who left the workforce altogether not being counted in the unemployment tally.

“Australia’s unemployment rate masks severe underemployment and the hundreds of thousands of people that have either dropped out of the labour force or are working zero hours,” shadow treasurer Jim Chalmers told AAP.

Economists expect a hefty fall of about 100,000 in the number of people employed.

Employment Minister Michaelia Cash said while the government expected the unemployment rate to grow in coming months, recent data had shown some employers were starting to hire again.

She pointed to Australian Taxation Office payroll data that showed about 124,000 jobs were added in May.

Tim K. Dean, Credi Founder | Commentator & Expert on Family Lending, Bank of Mum & Dad and Neo-Credit Scores is available for media interviews and appearances. More…

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