Latest news with #jobless rate
South China Morning Post
17-07-2025
- Business
- South China Morning Post
Hong Kong's unemployment rate remains at 3.5%, continuing 30-month high
Hong Kong's jobless rate remained at 3.5 per cent between April and June, continuing the 30-month high set during the previous three month, with authorities warning of an ongoing uncertain external environment and worsening unemployment from more graduates entering the workforce. Preliminary data from the Census and Statistics Department on Thursday showed that the number of unemployed people during the three months was 136,200, slightly higher than 135,800 in the previous three months. 'While the unemployment and underemployment rates … remained the same as those of the preceding three-month period, various industries in Hong Kong are undergoing transition, and their respective unemployment rates have different trends,' Secretary for Labour and Welfare Chris Sun Yuk-han said. He added that future jobless rates would hinge on the overall economic performance of the city, and warned that an influx of fresh graduates would have an impact on the overall employment situation. 'Nevertheless, the continued expansion of the Hong Kong economy should provide support to the labour market,' he said. The department said job losses were mainly in the arts, entertainment and recreation sector, and professional and business services sector.
Daily Mail
17-07-2025
- Business
- Daily Mail
The shocking new economic figure Anthony Albanese doesn't want you to see as immigration surges
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 per cent 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, signalling a sharp drop in working hours. Canberra, the home of federal public servants, had Australia's lowest jobless rate of 3.6 per cent. 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 the labour market 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 per cent figure slightly higher than the 4.2 per cent 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 per cent. Governor Michele Bullock argued the underlying rate of 2.9 per cent was still too high in the March quarter, even though it is within the RBA's two to three per cent target. AMP economist My Bui said the fact just 2,000 new jobs were created, compared with market expectations of 20,000, suggested the labour market was weakening, 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 per cent for the first time since December 2022. That is slightly more optimistic than the futures market pricing for a 3.1 per cent cash rate by early next year. Victoria was by far Australia's worst performing labour market with the highest jobless rate of 4.6 per cent, 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 per cent. Queensland and Western Australia had below-average rates of 4.1 per cent. The Australian Capital Territory, the home of federal public servants in Canberra, had the lowest jobless rate of 3.6 per cent, which was better than Tasmania's 3.8 per cent level and the Northern Territory's 3.9 per cent. 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 per cent higher than the 335,000 level Treasury forecast for the 2024-25 financial year that ended in June.
The Independent
17-07-2025
- Business
- The Independent
UK unemployment jumps to highest since 2021 as wage growth slows
Britain's jobless rate has struck its highest level for four years as workers also faced another slowdown in wage growth, official figures have shown. The Office for National Statistics (ONS) said the rate of UK unemployment increased to 4.7% in the three months to May, from 4.6% in three months to April. It said this marked the highest level since June 2021. Meanwhile, average earnings growth, excluding bonuses, slowed to 5% in the period to May to its lowest level for almost three years. The figures point towards further pressure in the UK labour market, days after the governor of the Bank of England warned that the Bank is prepared to make larger interest rate cuts if it sees that the job market slowing. ONS director of economic statistics Liz McKeown said: 'The labour market continues to weaken, with the number of employees on payroll falling again, though revised tax data shows the decline in recent months is less pronounced than previously estimated. 'Pay growth fell again in both cash and real terms, but both measures remain relatively strong by historic standards.'
SBS Australia
17-07-2025
- Business
- SBS Australia
Jobless rate rises to highest level since 2021 as number of unemployed Australians jumps
The jobless rate has risen to 4.3 per cent — its highest rate since 2021 — surpassing expectations as the number of unemployed Australians jumped. Financial markets had expected the rate to remain steady at 4.1 per cent in June, but there was a nearly 34,000 increase in people without work, according to the Australian Bureau of Statistics. Employment rose by 2,000, up 2 per cent compared to the same month last year, after part-time employment grew by 40,000 and full-time employment fell by 38,000 people. The Reserve Bank of Australia (RBA) will closely monitor the labour market before its next monetary policy meeting in August, NAB's head of Australian economics Gareth Spence said. "The focus for the RBA will be ensuring the labour market remains healthy going forward," Spence said "The timing of [rate] cuts is not super important. It's more about, where do they end up?" Most economists had pencilled in a 0.25 per cent cut on the back of slowing inflation growth. Spence still expected the jobless rate to climb to 4.4 per cent by the end of 2025, but said economic indicators point to the labour market still being in a strong position. RBA said in its latest monetary policy decision that labour market conditions remained tight. "Measures of labour under-utilisation are at relatively low rates and business surveys and liaison suggest that availability of labour is still a constraint for a range of employers. "Alternatively, labour market outcomes may prove stronger than expected, given the signal from a range of leading indicators."
Yahoo
17-07-2025
- Business
- Yahoo
Australia unemployment rate climbs to 3-1/2-year high in June
SYDNEY (Reuters) -Australian employment rose only marginally in June as the jobless rate jumped to the highest since late 2021, a surprisingly weak report that adds to the case for a cut in interest rates next month. Figures from the Australian Bureau of Statistics out on Thursday showed net employment rose 2,000 in June from May, when it fell 1,100. That was well short of market forecasts for a 20,000 increase, though the series has been volatile in recent months. Full-time jobs dropped 38,200 in June. The jobless rate popped up to 4.3%, from 4.1%, the highest reading since November 2021 and a jolt after months of stable readings. The participation rate ticked up to 67.1%, while hours worked fell back 0.9% after a sharp rise in May.
