Unemployment Rate Australia
The percent of unemployed persons in the labor force. The Unemployment Rate serves as a leading indicator of the health of the labor market. The report is very timely, coming out just a few weeks after the reporting period. Additionally, the figure has a significant impact on the market because of the overall importance of employment for the economy. Higher unemployment leads to less income for Australian workers who, in turn, may reduce consumption. As consumer spending contributes to a majority of Australia â€˜s GDP, developments in the labor market directly affect prospects for Australian growth.
Note : Unemployed persons are those who have no job but are actively seeking work; the labor force is the total of employed and unemployed persons.
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