Road to recovery: Unemployment has fallen to 6.8% after 100,000 jobs were created in August
- The unemployment rate in Australia fell from 7.5 percent to 6.8 percent in August
- Despite the blockage of Melbourne, 111,000 jobs were created in the economy
The worst may be over with Australia’s coronavirus crisis, with 111,000 jobs created in August – when unemployment fell for the first time since COVID-19 came to the country.
The unemployment rate has fallen from a 22-year high of 7.5 percent in July to 6.8 percent last month, the Australian Bureau of Statistics has revealed.
The unemployment rate is still higher than March’s 5.2 percent level, with that data gathered before the World Health Organization declared a coronavirus pandemic.
Nonetheless, unemployment has fallen for the first time since February, when the Australian stock market peaked, despite Melbourne recording the first case of COVID-19 in January.
National unemployment also fell despite Melbourne, Australia’s second largest city, being placed in a strict phase 4 lockdown with a curfew from 8:00 pm to 5:00 am.
The number of Australians officially unemployed rose above 1 million for the first time in July, but in August the number of unemployed fell by 86,500 to 921,800 people.
The Australian economy is now also in recession for the first time in 29 years, with gross domestic product down 7 percent in the June quarter.
The worst could be over with Australia’s coronavirus crisis, with 111,000 jobs created in August. Pictured is Ching Ching, Sydney Miter 10 Hardware Manager