Australia’s shock jobs miracle: How unemployment has FALLEN in August with 111,000 new jobs created – and it’s WOMEN who are being hired
- Australia’s unemployment rate fell from 7.5 per cent to 6.8 per cent in August
- The economy saw the creation of 111,000 jobs despite the Melbourne lockdown
- Monthly unemployment rate has fallen for the first time since February 2020
Women are leading Australia out of the coronavirus recession with unemployment falling in August for the first time since the health crisis – creating 111,000 new jobs.
The jobless 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.
Unemployment is still higher than March’s 5.2 per cent level, with that data compiled before the World Health Organisation declared a coronavirus pandemic.
Nonetheless, joblessness has fallen for the first time since February when the Australian share market peaked despite Melbourne recording the first case of COVID-19 in January.
Women are leading Australia out of the coronavirus recession with unemployment falling in August for the first time since the health crisis – creating 111,000 new jobs.Pictured is Sydney Mitre 10 hardware manager Ching Ching
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.
Almost two-thirds, or 55,000 of those leaving the unemployment queues, were women.
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.
Victoria’s unemployment rate of 7.1 per cent was above the national average and the 6.7 per cent level in New South Wales.
Youth unemployment fell from 16.3 per cent to 14.3 per cent.
The good news was announced a fortnight after official figures revealed Australia had sunk into recession for the first time in 29 years with gross domestic product diving by seven per cent in the June quarter.
CommSec chief economist Craig James said the federal government’s $1,500 a fortnight JobKeeper wage subsidies and the $550 coronavirus boost to JobSeeker unemployment benefits had help boost spending, which in turn created jobs.
‘These are extraordinary times and the job programs are similarly remarkable,’ he said.
‘There is no doubt that this is a stunning set of job figures. More people were looking for jobs in August, more people found jobs, and more employees reconnected to their workplaces.’
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. Pictured is an unemployed woman at Bondi Junction in Sydney’s east in March 2020