Thursday, May 14, 2020

Jobless rate surges to 6.2pc in April as coronavirus cuts swathe through economy

Source: Australian Bureau of Statistics

Australia's unemployment rate has posted its steepest monthly rise on record, with 594,300 people losing their jobs in April as restrictions to limit coronavirus shut thousands of businesses and affected many more. 

Unemployment jumped 1 percentage point to 6.2 per cent, which would have been much worse except that many people did not look for work. 

Prime Minister Scott Morrison said Australians should prepare for more bad economic news.

ABC's Peter Ryan says the $130 billion JobKeeper program masks the reality of the jobless rate.


The charts from the ABS and JP Morgan paint a bleak picture of the human and social damage being inflicted on Australia's economy.













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