The worst may be over with Australia’s coronavirus crisis with 111,000 jobs created in August as unemployment fell for the first time since COVID-19 came to the country.
The unemployment rate fell from a 22-year high of 7.5 per cent in July to 6.8 per cent last month, the Australian Bureau of Statistics has revealed.
The jobless rate is still higher than March’s 5.2 per cent level, with that data compiled before the World Health Organisation declared a coronavirus pandemic, but it has fallen for the first time since February when the Australian share market peaked.
National unemployment also fell despite Melbourne, Australia’s second biggest city, being placed into a strict, Stage Four lockdown with an 8pm to 5am curfew.
The number of Australians officially without work rose above the one million mark in July for the first time ever but in August, the ranks of the unemployed fell by 86,500 to 921,800 people.
Australia’s economy is now also in recession for the first time in 29 years with gross domestic product diving by seven per cent in the June quarter.
The worst may be over with Australia’s coronavirus crisis with 111,000 jobs created in August. Pictured is Sydney Mitre 10 hardware manager Ching Ching