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Australian unemployment rises to 4-year high

Australian unemployment rises to 4-year high

Unemployment in Australia rose to its highest level in nearly four years, official figures showed Thursday, in yet another sign of the global economic downturn.
The government's Australian Bureau of Statistics said the unemployment rate was 5.2 percent in February, up from 4.8 percent the previous month. Total employment rose by 1,800 to 10.8 million, but full-time employment decreased by 53,800. Part-time employment was up 55,600.
Economists had forecast the jobless rate to rise to 5 percent and total employment to fall by around 20,000.
Prospects for employment remain gloomy, with the federal government predicting a jobless rate of 5.5 percent by June, and 7 percent by the same time next year.
The global downturn that began to bite last year has brought about a swift reversal of fortunes for Australia's economy, which has enjoyed 17 consecutive years of growth fueled by voracious demand for its mineral exports from China and elsewhere.


Updated : 2021-05-10 04:51 GMT+08:00