Reserve Bank governor Philip Lowe has warned the unemployment rate will climb further this year as the coronavirus pandemic continues amid government cuts to the amount available under its $86 billion wage subsidy program.
RBA governor Philip Lowe:"The path ahead is expected to be bumpy and there are some major cross-currents in the labour market at the moment."In April and May, about 870,000 people lost employment and another 760,000 had no hours of work although they had a job, while others had their hours cut, he said. Total hours worked fell 10 per cent in a matter of weeks and the"As staggering as this fall is, it is smaller than we earlier feared," Dr Lowe said.
"This will push up the measured unemployment rate at the same time that the share of the working-age population with a job is also rising."
JennieDuke Funny how central bankers always warn you after the fact.
JennieDuke kuku27 Path is visible to all, nothing new
JennieDuke
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