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Michael Gordon: Westpac senior economist on the unemployment rate rising to 5.2 percent
Published 10 months, 2 weeks ago
Description
The sluggish job market is another bump in our road to economic recovery, according to some recent predictions.
The unemployment rate's sitting at 5.2 percent - its highest point in five years.
In late 2021, it was just 3.2 percent.
Westpac senior economist, Michael Gordon, says it shows our economic slowdown's ongoing.
He says it's not too surprising, given the Reserve Bank's moves to control inflation.
"I think we're getting towards the end - we have seen economic activity picking up, but it's just not coming through in terms of businesses needing to hire just yet."
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