Aussie PM Morrison: Real jobless rate higher than 7.4%
|Australia's unemployment rate rose to 7.4% in June to hit the highest level in two decades, official data released early Thursday showed.
However, Prime Minister Scott Morrison thinks the real situation in the labor market is worse than what official data shows.
"The effective rate of unemployment is likely to be far higher than illustrated in these numbers and the treasurer and I and the employment minister, have not been shy about pointing to that fact," Mr. Morrison told reporters in Canberra on Thursday, according to Reuters.
The effective rate factors in people working zero hours and those who have dropped out of the labor force. As per senior government figures, effective jobless rate is more like 13.3%.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.