Australia’s unemployment rate has posted a surprise fall as 111,000 jobs were created last month, despite a lockdown in the nation’s second most populous state.
Unemployment hit 7.5 per cent in July, but has since fallen to 6.8 per cent in August.
The Bureau of Statistics figures appear to show the bounce-back in jobs is real, rather than a statistical illusion, with internationally comparable measures also showing a big drop in unemployment.
If Australia measured unemployment the same way as the US — including stood down workers as unemployed — then the jobless rate would be 7.9 per cent, down from a high of 11.8 per cent in April.
More to come.