AUSTRALIA: The number of Australians out of...
AUSTRALIA: The number of Australians out of work jumped to a record high in April, and Prime Minister Bob Hawke said the unemployment rate could hit double figures. The jobless rate soared to 9.9% during April, the highest level in nearly eight years, the government reported. The Bureau of Statistics said last month’s unemployment rate was up from 6.3% a year ago and 9.2% in March. Government officials blamed the rise on Australia’s recession, but many predicted that the economy would turn around this year. Economists believe that the latest figures and forecasts of further increases in the jobless rate could hurry the government into another cut in interest rates.
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