Australia’s jobless rate fell in August to its lowest level since before the global financial crisis, driven down by a mass exodus from the jobs market and hundreds of thousands of people working zero hours.
The nation’s underemployment rate increased by a full percentage point to 9.3 per cent while the number of hours worked collapsed by 66 million. The bureau reported that across the country, 248,900 people worked zero hours for economic reasons, a 68,400 increase on July and the highest number since May 2020.Another 371,300 people reported zero working hours for “other reasons”, which was a 164,500 lift on July. This does not include people on annual leave.
swrighteconomy CapitalismFails
swrighteconomy economists pretend capitalism is not based on theft & war & lies.
swrighteconomy Total hours worked dropped 3.7% in one month. That is a very different picture to that reported. It is so easy to fool journalists that a bad story is a good one because journalists are so bad with numbers.
swrighteconomy A bad metric watered down to the point of utter pointlessness by how we class employment.