The unemployment rate in Australia has increased to 5.2 %, with 46,000 job cuts in October.
The Australian Bureau of Statistics (ABS) recently revealed new statistics showing that the unemployment rate rose to 4.6 %, from 4.6 %, the previous month.
Despite the growing unemployment rate, participation climbed by 0.1 % in October to 64.7 %, although it is still 1.6 %, lower than it was in May.
Bjorn Jarvis, the ABS’s head of labour statistics, said the latest information includes school holidays and some early modifications to Delta lockdown limits, mainly in New South Wales, before more significant changes in mid-October.
Mr Jarvis added that the increase in unemployment indicates that many Australians are prepared to re-enter the workforce after years of COVID-19 lockdowns.
The rise in unemployment shows that individuals were getting ready to return to work and that they were becoming increasingly available and actively seeking jobs – notably in New South Wales, Victoria, and the Australian Capital Territory,” Mr Jarvis said.
He added, that this is similar to what was happening in the aftermath of previous significant lockdowns, such as the one in Victoria late last year.
“However, this demonstrates how uncommon lockdowns are, compared to other economic shocks, in how they limit being able to work and search for jobs,” says the author.