Just 4.5% jobless during lockdowns? The unemployment rate is now meaningless
- Written by Jeff Borland, Professor of Economics, The University of Melbourne
Australia’s labour force statistics for August again make the case for giving up on the rate of unemployment as an indicator of the state of the labour market.
In June the official unemployment rate dropped below 5% for the first time since before the Global Financial Crisis of 2008. In July it dropped again, to 4.6%.
With major lockdowns...
Read more: Just 4.5% jobless during lockdowns? The unemployment rate is now meaningless
