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God bless COVID and closed borders. The ABS has just released the labour market report for June, which recorded the lowest unemployment rate since June 2011 at 4.9%:
Key statistics:
- Unemployment rate decreased to 4.9%.
- Participation rate remained at 66.2%.
- Employment increased to 13,154,200.
- Employment to population ratio increased to 63.0%.
- Underemployment rate increased to 7.9%.
- Monthly hours worked decreased by 33 million hours.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.