Australia Unemployment Rate Steady At 5

Australia Unemployment Rate Steady At 5

Australia Unemployment Rate Steady At 5

When the impact of inflation is factored in, however, real weekly wages fell by 0.5% compared with a year earlier.

"This is the fourth month in a row where wages have fallen behind the cost of living".

Excluding bonuses - which analysts say gives a better picture of the underlying trend - earnings in nominal terms rose by 2.1 per cent year on year, the fastest rate since January and beating expectations for a two per cent rise.

The Bank of England is working on the assumption that the UK's equilibrium jobless rate is about 4.5 per cent, meaning that declines below that level could force a rate rise.

There were 32.07 million people in work in the three months to June and 1.48 million people unemployed - down 157,000 over the previous year.

"New figures on the number of workers who say they are on zero-hours contracts show a small drop on past year".

The ONS said yesterday: 'We are now publishing estimates of unemployment and economic inactivity by nationality and country of birth, to accompany the estimates of employment by nationality and country of birth, to provide a more comprehensive picture of non-UK workers in the labour market'.

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Economists had not expected such strong figures as the economy has grown only at a muted pace this year.

Sterling was up 0.2 per cent against the dollar at $1.28, while the pound flirted with 1.10 euros, up 0.3 per cent.

"Ministers are sitting on their hands as another living standards crisis unfolds".

Unemployment fell to a new 42-year low as employment increased by another 125,000 people in the three months to June.

She said it was time to "boost wages by scrapping the pay restrictions in the public sector, investing in infrastructure, and increasing the minimum wage".


"The Government has failed to close the employment gap faced by women, disabled people and ethnic minority groups, who are still less likely to be in work, and has failed to tackle regional inequalities in the Labour market".

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