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Australia’s unemployment rate is expected to hit its largest monthly increase. The anticipated surge in joblessness was mainly from the disruptions brought by the COVID-19 pandemic, even as the country started lifting quarantine restrictions gradually.
The frail reading will highlight the impact of the coronavirus crisis on the national economy, with sharp reversal widely speculated after two decades of continuous growth.
Sixteen analysts forecasted a total of 575,000 job losses in April, a prediction likely to drag the unemployment rate to 8.3%, the sharpest rise since 1997. The Reserve Bank of Australia had also predicted a 10% increase in unemployment, with the national economy receding to 8% in the year ended June.
“Employment will fall sharply, hours worked will plummet, the unemployment rate will spike and the participation rate is set to drop,” senior economist Gareth Aird said.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
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 ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
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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