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Unemployment fall might be caused by return of gig economy jobs, economists say – ABC News
Economists were pretty certain the unemployment rate was going to rise in the latest jobs figures, now many believe an accelerating shift to the gig economy is what caught them out.
Australia’s official unemployment rate fell last month from 7.5 per cent to 6.8 per cent.
The result surprised basically all economists, including those at Treasury and the Reserve Bank, who were expecting the unemployment rate to deteriorate again.
So what happened?
According to the Bureau of Statistics, the number of employed persons increased by 111,000 in August.
But data shows the jobs growth was entirely driven by a surge in “non-employees” self-employed people (owner-managers) with no…
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