Business
Australia’s unemployment just hit 13%: Roy Morgan – The Motley Fool Australia
ASX investors have rotated from growth to value, anticipating inflation and interest rate hikes. But the latest jobless numbers say otherwise.
The unemployment rate in Australia surged to 13.2% last month, according to research firm Roy Morgan.
The Australian Bureau of Statistics’ official figure for January was 6.4%.
So Roy Morgan’s rate just one month later is a shocking escalation that dampens the post-COVID recovery and pro-inflation mood that the ASX has been enjoying recently.
Roy Morgan chief Michele Levine attributed the hike to people joining the workforce as JobKeeper terminates and JobSeeker payments wind down to a lower level.
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