Australia’s unemployment rate is now higher than the United States — which is at 6. 2 per cent — but the Federal Reserve is currently rocking emergency level rates that are stuck firmly at the zero lower bound.
On a seasonally-adjusted basis, the unemployment rate rose to 6. 4 per cent — its highest level in twelve years — and is 0. 7 percentage points higher over the year.
The unemployment rate rose sharply in July — and now sits higher than the United States unemployment rate — but it might take a few months to sort the signal from the noise.
Read more here: Business Spectator