Latest news with #jobless
Daily Mail
6 days ago
- Business
- Daily Mail
Australia's unemployment rate highest since 2021
Australia's unemployment rate has shot up to the highest level since late 2021, when Sydney and Melbourne were emerging from Covid lockdowns. The jobless rate of 4.3 percent in June was the highest since November 2021, with 33,600 people losing their jobs and boosting the prospect of an August rate cut. This occurred as the number of full-time jobs fell by 38,000 while 40,000 part-time jobs were created, signaling a sharp drop in working hours. Canberra, the home of federal public servants, had Australia's lowest jobless rate of 3.6 percent. This was a result of federal government spending hitting the highest level since 1986 outside of the pandemic. Australian Industry Group chief executive Innes Willox said public sector job growth was holding up as private sector demand for labour weakened. 'For over a year, there has been negligible job growth in the private market sector, with government-supported employment in the public and non-market sectors doing the heavy lifting,' he said. 'A rise in unemployment to its highest level since the pandemic points to the impact that our weak private sector is having on the labour market. 'With the private market sector accounting for two-thirds of employment in Australia, it was inevitable that its sustained weakness would eventually spill over to the broader labour market. It appears this problem is now coming home to roost.' Unemployment was higher than average in New South Wales and Victoria where migrant numbers are highest. 'Excessive migration has played a significant role in pummelling Australia's economic productivity ,' Institute of Public Affairs deputy executive director Daniel Wild said. 'It has created extended periods of negative per capita economic growth, and exacerbated the housing and rental crises. Australia's unemployment rate also rose for the first time since December even though the Reserve Bank had cut interest rates in February and May. The latest jobless data from the Australian Bureau of Statistics is also worse than the RBA was forecasting in its May statement on monetary policy , with the 4.3 percent figure slightly higher than the 4.2 percent level it had predicted. The bad news on the labour market could make the Reserve Bank more inclined to cut rates on August 12 should upcoming June quarter inflation data show a moderation in underlying price pressures. KPMG chief economist Brendan Rynne said the fact that 34,000 more people are looking for work would make a rate cut next month more likely. 'While quarterly inflation data is still a week or so away, today's data will reinforce the weakness that is continuing within the private side of the Australian economy , and even by itself should be enough for the RBA to drop the cash rate at its next meeting,' he said. The RBA surprised financial markets earlier this month when it kept the cash rate on hold at 3.85 percent. Governor Michele Bullock argued the underlying inflation rate of 2.9 percent was still too high in the March quarter, even though it is within the RBA's two to three percent target. AMP economist My Bui said just 2,000 new jobs were created in June, compared with market expectations of 20,000, which suggested the labour market was softening, with employers mainly hiring new part-time staff. 'Today's jobs data suggests a potentially broad weakening in the labour market,' she said. 'The composition of jobs gains was also weak.' This also suggested unemployment was now at a level less likely to fuel inflationary wage increases. 'We believe that the state of the Australian labour market is more balanced than tight and is not a source of inflationary pressures, warranting a rate cut in the August meeting,' Ms Bui said. AMP is expecting the RBA to cut rates in August, November, February and May, which would take the cash rate down to 2.85 percent for the first time since December 2022. That is slightly more optimistic than the futures market pricing for a 3.1 percent cash rate by early next year. Victoria was by far Australia's worst performing labour market with the highest jobless rate of 4.6 percent, even though Melbourne receives a large share of overseas migration . New South Wales and South Australia had higher-than-average jobless rates of 4.4 percent. Queensland and Western Australia had below-average rates of 4.1 percent. The Australian Capital Territory, the home of federal public servants in Canberra, had the lowest jobless rate of 3.6 percent, which was better than Tasmania's 3.8 percent level and the Northern Territory's 3.9 percent. National unemployment has risen despite rapid population growth, with 447,620 migrants moving to Australia on a permanent and long-term basis in the year to May. This was 33.6 percent higher than the 335,000 level Treasury forecast for the 2024-25 financial year that ended in June.
Yahoo
6 days ago
- Business
- Yahoo
US weekly jobless claims fall; job growth appears steady in July
WASHINGTON (Reuters) -The number of Americans filing new applications for jobless benefits fell last week, pointing to steady job growth in July, though some laid off workers are experiencing long spells of unemployment because of a moderation in hiring. Initial claims for state unemployment benefits dropped 7,000 to a seasonally adjusted 221,000 for the week ended July 12, the Labor Department said on Thursday. Economists polled by Reuters had forecast 235,000 claims for the latest week. Motor vehicle assembly plant closures for reasons including maintenance and annual retooling for new models could be influencing the data. Auto manufacturers typically idle assembly lines in summer, though the timing often varies, which could throw off the model that the government uses to strip out seasonal fluctuations from the data. Layoffs have remained generally low, though economic uncertainty stemming from trade policy has left companies hesitant to increase hiring. President Donald Trump last week announced higher duties would come into effect on August 1 for imports from a range of countries, including Mexico, Japan, Canada and Brazil, and the European Union. Trump in April slapped a 10% duty on nearly all imports, while giving nations a 90-day period to negotiate trade deals. The Federal Reserve's Beige Book report on Wednesday described hiring as having "remained generally cautious" in early July, attributed by many of the U.S. central bank's contacts to "ongoing economic and policy uncertainty." The Fed said while reports of layoffs were limited in all industries, they were "somewhat more common among manufacturers." It noted that "many contacts expected to postpone major hiring and layoff decisions until uncertainty diminished." The claims report covered the period during which the government surveyed employers for the nonfarm payrolls component of July's employment report. Nonfarm payrolls increased by 147,000 jobs in June, though nearly half of the positions were in the government sector, mostly state education. Tepid hiring is underscored by the growing number of people collecting unemployment checks. The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 2,000 to a seasonally adjusted 1.956 million during the week ending July 5. The start of a new quarter could have influenced the current level of the so-called continuing claims. "Eligibility for benefits can be affected by calendar-quarter considerations, leading to large swings in the underlying data," said Lou Crandall, chief economist at Wrightson ICAP. Next week's continuing claims data could offer more clarity on the health of the labor market in July. Economists said the elevated continuing claims reading suggested an increase in the unemployment rate. While the jobless rate fell to 4.1% in June after holding at 4.2% for three straight months, that was mostly because people dropped out of the labor force. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
11-07-2025
- Business
- CTV News
Here's a quick glance at unemployment rates for June, by province
The CN Tower and Union Station are pictured in the financial district in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj OTTAWA — Canada's national unemployment rate was 6.9 per cent in June. Here are the jobless rates last month by province (numbers from the previous month in brackets): Newfoundland and Labrador 9.9 per cent (9.7) Prince Edward Island 8.6 per cent (8.2) Nova Scotia 6.7 per cent (6.5) New Brunswick 7.3 per cent (6.3) Quebec 6.3 per cent (5.8) Ontario 7.8 per cent (7.9) Manitoba 5.5 per cent (5.9) Saskatchewan 4.9 per cent (4.2) Alberta 6.8 per cent (7.4) British Columbia 5.6 per cent (6.4) --- This report by The Canadian Press was first published July 11, 2025.
Yahoo
11-07-2025
- Business
- Yahoo
Here's a quick glance at unemployment rates for June, by Canadian city
OTTAWA — The national unemployment rate was 6.9 per cent in June. Statistics Canada also released seasonally adjusted, three-month moving average unemployment rates for major cities. It cautions, however, that the figures may fluctuate widely because they are based on small statistical samples. Here are the jobless rates last month by city (numbers from the previous month in brackets): _ St. John's, N.L. 6.8 per cent (6.7) _ Halifax 5.9 per cent (5.6) _ Moncton, N.B. 6.0 per cent (5.6) _ Saint John, N.B. 7.3 per cent (7.5) _ Fredericton 6.1 per cent (6.0) _ Saguenay, Que. 4.4 per cent (4.6) _ Quebec City 4.5 per cent (4.6) _ Sherbrooke, Que. 5.2 per cent (4.5) _ Trois-Rivières, Que. 5.7 per cent (5.3) _ Drummondville, Que. 7.0 per cent (8.0) _ Montreal 7.0 per cent (6.9) _ Gatineau, Que. 6.5 per cent (6.4) _ Ottawa 6.2 per cent (5.6) _ Kingston, Ont. 7.5 per cent (7.5) _ Belleville-Quinte West, Ont. 7.1 per cent (4.1) _ Peterborough, Ont. 10.0 per cent (11.2) _ Oshawa, Ont. 9.3 per cent (9.1) _ Toronto 8.7 per cent (8.8) _ Hamilton, Ont. 6.3 per cent (6.7) _ St. Catharines-Niagara, Ont. 7.0 per cent (7.1) _ Kitchener-Cambridge-Waterloo, Ont. 7.2 per cent (7.3) _ Brantford, Ont. 7.0 per cent (6.7) _ Guelph, Ont. 5.8 per cent (4.9) _ London, Ont. 7.2 per cent (6.9) _ Windsor, Ont. 11.2 per cent (10.8) _ Barrie, Ont. 7.5 per cent (8.4) _ Greater Sudbury, Ont. 5.4 per cent (5.3) _ Thunder Bay, Ont. 5.4 per cent (4.4) _ Winnipeg 5.6 per cent (5.5) _ Regina 4.9 per cent (4.6) _ Saskatoon 4.6 per cent (4.6) _ Lethbridge, Alta. 5.2 per cent (5.2) _ Calgary 7.4 per cent (7.8) _ Red Deer, Alta. 5.5 per cent (6.2) _ Edmonton 7.5 per cent (7.3) _ Kelowna, B.C. 6.2 per cent (7.0) _ Kamloops, B.C. 9.2 per cent (8.5) _ Chilliwack, B.C. 6.1 per cent (5.9) _ Abbotsford-Mission, B.C. 6.5 per cent (7.0) _ Vancouver 6.2 per cent (6.4) _ Victoria 3.9 per cent (3.7) _ Nanaimo, B.C. 7.4 per cent (7.3) This report by The Canadian Press was first published July 11, 2025. The Canadian Press Sign in to access your portfolio
Yahoo
11-07-2025
- Business
- Yahoo
Here's a quick glance at unemployment rates for June, by province
OTTAWA — Canada's national unemployment rate was 6.9 per cent in June. Here are the jobless rates last month by province (numbers from the previous month in brackets): _ Newfoundland and Labrador 9.9 per cent (9.7) _ Prince Edward Island 8.6 per cent (8.2) _ Nova Scotia 6.7 per cent (6.5) _ New Brunswick 7.3 per cent (6.3) _ Quebec 6.3 per cent (5.8) _ Ontario 7.8 per cent (7.9) _ Manitoba 5.5 per cent (5.9) _ Saskatchewan 4.9 per cent (4.2) _ Alberta 6.8 per cent (7.4) _ British Columbia 5.6 per cent (6.4) This report by The Canadian Press was first published July 11, 2025. The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
