Job crisis: A file picture of hundreds of people queing outside an Australian government welfare centre, Centrelink, in Melbourne as the jobless rate spike due to the pandemic. — AFP
SYDNEY: Australian unemployment spiked in October as the economy unexpectedly shed jobs, signalling a delay in the labour market’s bounce-back from lockdowns and underscoring the need for ultra-low interest rates.
The jobless rate advanced to 5.2% from 4.6% in September and above economists’ forecast of 4.8%, Australian Bureau of Statistics data showed yesterday.
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