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- Australia's unemployment drops to pre-pandemic levels - UOB
Australia's unemployment drops to pre-pandemic levels - UOB
FXStreet reports that UOB Group’s Economist Lee Sue Ann assesses the recently published Australia's labour market report.
“Australia's seasonally adjusted unemployment rate fell to 5.1% in May, from 5.5% in the previous month, and back to the level in February 2020. The latest fall in the unemployment rate coincided with a strong increase in employment between April and May.”
“Australia’s second-largest state, Victoria, was locked down during May to contain a virus outbreak after a quarantine breach. Hence, the two-week lockdown is likely to weigh on June employment data. That said, we expect solid jobs growth to resume in the second half of the year as the market shakes off the impact of Victoria lockdown. We look for Australia’s unemployment rate to continue declining, reaching 4.8% by end 2021, and falling to 3.2% by the end of 2022.”
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