FOREX TradingCharts.com

Financial News: RBA Chief Says Unemployment Rate To Rise Further

RBA Chief Says Unemployment Rate To Rise Further

07/21/2020 - 08:32:00 (RTTNews)

(RTTNews) - Australia's unemployment rate is set to rise further, even with the recovery underway, Reserve Bank of Australia Governor Philip Lowe said Tuesday.

This is because many of the people who lost their jobs over recent times have been classified as not in the labor force and so are not counted as unemployed, he noted. As the labour market continues to improve, many of these people will start looking for jobs, and thus be classified as rejoining the labor force. This will push up the measured unemployment rate, Lowe observed.

Although the labor market has turned the corner, the path ahead is expected to be bumpy and there are some major cross-currents in the labor market at the moment, he said.

"Looking forward, we should have confidence that the pandemic will pass, either because of scientific breakthroughs or we become better at managing the effects of the virus," Lowe said.

"Until it does pass, our incomes will be temporarily lower and it makes sense to smooth this out through fiscal support," he added.

The longer it lasts and the more uncertain things are, the harder it is to smooth out, Lowe added.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Portugal Q2 GDP Decline Revised To 16.3% (17 min(s), 02 sec(s) ago)
(RTTNews) - Portugal's economy contracted slightly less than initially estimated, but the rate ...Full Story»

Dutch GDP Falls Most On Record On Covid-19 Impact (04 min(s), 02 sec(s) ago)
(RTTNews) - The Netherlands' economy shrank at a record pace in the second quarter and entered ...Full Story»

Slovakia Economy In Recession In Q2 (48 min(s), 02 sec(s) ago)
(RTTNews) - Slovakia's economy shrank further in the second quarter amid the disruption caused ...Full Story»

U.S. Business Inventories Slump Slightly Less Than Expected In June (45 min(s), 02 sec(s) ago)
(RTTNews) - Business inventories in the U.S. showed a continued decrease in the month of June, acc ...Full Story»

U.S. Consumer Sentiment Unexpectedly Edges Higher In August (27 min(s), 02 sec(s) ago)
(RTTNews) - A preliminary reading released by the University of Michigan on Friday unexpectedly sh ...Full Story»

Finland Economy Sinks Into Deep Recession (04 min(s), 02 sec(s) ago)
(RTTNews) - Finland's economy shrank for a third consecutive quarter in the three months to Ju ...Full Story»

U.S. Industrial Production Growth Slows But Matches Estimates (06 min(s), 02 sec(s) ago)
(RTTNews) - Reflecting sharp increases in manufacturing and utilities output, the Labor Department ...Full Story»

U.S. Productivity Spikes In Q2 As Hours Plummet More Than Output (58 min(s), 02 sec(s) ago)
(RTTNews) - Labor productivity in the U.S. soared by much more than expected in the second quarter ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Portugal Q2 GDP Decline Revised To 16.3%

08/14/2020 - 12:01 PM (RTTNews)
(RTTNews) - Portugal's economy contracted slightly less than initially estimated, but the rate ...Full Story>>

Dutch GDP Falls Most On Record On Covid-19 Impact

08/14/2020 - 11:48 AM (RTTNews)
(RTTNews) - The Netherlands' economy shrank at a record pace in the second quarter and entered ...Full Story>>

Slovakia Economy In Recession In Q2

08/14/2020 - 11:32 AM (RTTNews)
(RTTNews) - Slovakia's economy shrank further in the second quarter amid the disruption caused ...Full Story>>

U.S. Business Inventories Slump Slightly Less Than Expected In June

08/14/2020 - 10:29 AM (RTTNews)
(RTTNews) - Business inventories in the U.S. showed a continued decrease in the month of June, acc ...Full Story>>

U.S. Consumer Sentiment Unexpectedly Edges Higher In August

08/14/2020 - 10:11 AM (RTTNews)
(RTTNews) - A preliminary reading released by the University of Michigan on Friday unexpectedly sh ...Full Story>>

Do not sell my personal information

Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.