Australia's unemployment rate has risen to 3.7 per cent after an estimated 4,300 jobs were lost in April, according to official estimates from the Australian Bureau of Statistics.
Some economists say the jobs market is showing signs of cooling and it's more evidence the Reserve Bank's interest rate rises are slowing the economy. While the jobless rate is still near a 50-year-low, the impact of the rate hikes is just starting hit the employment market and more people are expected to lose their jobs over the coming months. There's still also a risk of a recession if the RBA goes too far with further rate increases.
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Some economists say the jobs market is showing signs of cooling and it's more evidence the Reserve Bank's interest rate rises are slowing the economy. While the jobless rate is still near a 50-year-low, the impact of the rate hikes is just starting hit the employment market and more people are expected to lose their jobs over the coming months. There's still also a risk of a recession if the RBA goes too far with further rate increases.
Subscribe: http://ab.co/1svxLVE Read more here: https://ab.co/45eitim
ABC News provides around the clock coverage of news events as they break in Australia and abroad, including the latest coronavirus pandemic updates. It's news when you want it, from Australia's most trusted news organisation.
For more from ABC News, click here: https://ab.co/2kxYCZY
Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1
Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2
Like ABC News on Facebook: http://facebook.com/abcnews.au
Follow ABC News on Instagram: http://instagram.com/abcnews_au
Follow ABC News on Twitter: http://twitter.com/abcnews
Note: In most cases, our captions are auto-generated.
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- Category
- News and politics
- Tags
- jobs, jobs market, interest rates
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