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May had seen Australia’s unemployment rate soaring to its highest in about two decades. This followed after nearly a quarter of a million people lost their jobs due to the pandemic-driven restrictions which halted business activities.
Employment in May sank lower with 227,700 jobs. This came worse than the record slump of about 600,000 in April, data from the Australian Bureau of Statistics (ABS) showed on Thursday.
The country’s unemployment rate advanced to 7.1%, its highest reading since October 2001. This surpassed its previous reading of 6.4% in April as it came parallel with analysts’ outlook in a Reuters survey.
The weak figures underscored the economic damage brought by the virus crisis as mobility restrictions halted business operations since late March.
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
The dollar sat near two-year lows on Wednesday as the United States struggled to control the coronavirus outbreak, breaking hopes for a fast economic recovery. The gloomy outlook for the U.S. economy is expected to urge the Federal Reserve ...
Spain’s unemployment rose to 15.33% for the second quarter of 2020, according to Tuesday’s data from the National Statistics Institute amid the worsening COVID-19 situation in the country. The unemployment rate surged past the ...
Australia had seen its employment rate dropping 1.1% between mid-June and mid-July, weekly data showed on Tuesday. In addition to this, the southeastern state of Victoria recorded the sharpest plunge in employment as the state suffers from ...
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