Australia jobs rise in March, unemployment ticks up
SYDNEY - Australia’s unemployment rate ticked up only modestly in March though economists warned the worst was yet to strike as the monthly data was collected before widespread restrictions and shutdowns kicked in to fight the coronavirus.
All of that gain was led by part-time work, which climbed 6,400 while full-time employment eased a tad. “These figures are likely to deteriorate sharply in April where we expect a large rise in unemployment, which we forecast to reach 11.75% by mid-year,” said National Australia Bank economist Kaixin Owyong.
Analysts polled by Reuters expect Australia’s A$2 trillion of annual gross domestic product to contract 3.3% in 2020. Just a few months ago they had expected a 2.3% expansion.
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