IN FULL: Australia’s unemployment rate edges higher in September amid lockdowns | ABC News
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Official figures show the unemployment rate edged up to 4.6 per cent in September, seasonally adjusted, from 4.5 per cent the month before.
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However, an estimated 138,000 jobs were lost last month amid lockdowns for Australia’s two most populous states, with a dramatic plunge in the participation rate the only reason why unemployment did not jump further.
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Singapore’s unemployment rate up for first time in 10 months in July
Singapore’s unemployment rate has risen for the first time in 10 months. The rate in July went up to 2.8% from 2.7% the month before. Authorities said tighter restrictions during the Phase 2 Heightened Alert likely caused a dip in demand for manpower in sectors like retail and F\u0026B. Government data showed the resident unemployment rate rose from 3.5% to 3.7%, while unemployment among Singapore citizens rose from 3.7% to 3.9%.
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Victoria’s COVID-19 case numbers skyrocket, Australia’s jobless rate increases | 9 News Australia
COVID19 case numbers have skyrocketed in Victoria, with today’s tally of 2297 setting a new national record. Lockdowns are still inflicting pain on the economy, driving a slight increase in the jobless rate for September. Subscribe and 🔔: http://9Soci.al/KM6e50GjSK9 | Get more breaking news at 9News.com.au: http://9Soci.al/iyCO50GjSK6
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Unemployment rate increases to 34.4 percent
The unemployment rate has increased to 34.4 percent in the second quarter of 2021. This is the highest unemployment rate we’ve had since the survey started in 2008. Economist Dr Lumkile Mondi says he expected an improvement of at least 32.3 percent. Courtesy DStv403
The unemployment rate could rise in September, but that may actually be a positive: Porcelli
RBC chief U.S. economist Tom Porcelli says the jobless rate may actually have increased in September, with the expiration of the extended unemployment insurance. But there may also be a rise in the labor force as people resume looking for work. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
The U.S. economy created jobs at a much slowerthanexpected pace in September, a pessimistic sign about the state of the economy though the total was held back substantially by a sharp drop in government employment.
Nonfarm payrolls rose by just 194,000 in the month, compared with the Dow Jones estimate of 500,000, the Labor Department reported Friday. The unemployment rate fell to 4.8%, better than the expectation for 5.1% and the lowest since February 2020.
The headline number was hurt by a 123,000 decline in government payrolls, while private payrolls increased by 317,000.
The drop in the jobless rate came as the labor force participation rate edged lower, meaning more people who were sidelined during the coronavirus pandemic have returned to the workforce. A more encompassing number that also includes socalled discouraged workers and those holding parttime jobs for economic reasons declined to 8.5%, also a pandemicera low.
“This is quite a deflating report,” said Nick Bunker, economic research director at job placement site Indeed. “This year has been one of false dawns for the labor market. Demand for workers is strong and millions of people want to return to work, but employment growth has yet to find its footing.”
Nevertheless, markets reacted little to the news, with Dow futures around flat for the morning and government bond yields mixed as investors digested what was a mixed bag of a report.
Despite the weak jobs total, wages increased sharply. The monthly gain of 0.6% pushed the yearoveryear rise to 4.6% as companies use wage increases to combat the persistent labor shortage. The available workforce declined by 183,000 in September and is 3.1 million shy of where it was in February 2020, just before the pandemic was declared.
“Labor shortages are continuing to put severe upward pressure on wages … at a time when the return of lowwage leisure and hospitality workers should be depressing the average,” wrote Andrew Hunter, senior U.S. economist at Capital Economics.
Leisure and hospitality again led job creation, adding 74,000 positions, as the unemployment rate for the sector plunged to 7.7% from 9.1%. Professional and business services contributed 60,000 while retail increased by 56,000.
Job gains were spread across a variety of other sectors: Transportation and warehousing (47,000), information (32,000), social assistance (30,000), manufacturing (26,000), construction (22,000) and wholesale trade (17,000).
Local government education jobs fell by 144,000, which may have been due to seasonal adjustments in the numbers, according to Gus Faucher, chief economist at PNC.
The survey week of Sept. 12 came just as Covid cases were peaking in the U.S. The delta variant spread since has cooled, with cases most recently dropping below an average of 100,000 a day.
Unemployment for Blacks fell to 7.9% from 8.8%, due largely to a drop to 66% from 66.7% in the labor force participation rate for males.
There was some good news in Friday’s report from previous months.
July’s alreadystrong gains were revised higher by 38,000 to 1.0913 million, while August’s big letdown also was revised up, to 366,000 from the initially reported 235,000.
The employmenttopopulation level increased to 58.7%, its highest since March 2020.
The report comes at a critical time for the economy, with recent data showing solid consumer spending despite rising prices, growth in the manufacturing and services sector, and surging housing costs.
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