Unemployment surge from down under had eased in the last couple of weeks. More so, wages had increased as government support initiatives nursed the suffering economy, a record from the Australian Bureau of Statistics showed on Tuesday.
The ABS reported the employment rate hitting a 7.3% drop from March 14 to May 2. The reading within the seven-week duration placed above the initial record of 7.1% from March 14 to April 18. Jobs had decreased by 1.1% in the week ended May 2, after soaring 0.9% the previous week.
Wages recovered from a slump as it rose 0.9% in the week ended May 2. It advanced further after a 0.5% gain the week before. Overall wages paid were monitored to have dropped 5.4% between mid-March and early May. It came way smaller than the 8.2% decline monitored between mid-March and mid-April.
https://www.umarkets.com/en/news/australias-unemployment-hike-eases-wages-find-footing-abs