Unemployment rate rose up surprisingly in Australia
According to the latest official survey, report the unemployment rate of Australia rose up to 5.3% in the month of July, just ahead of the national election of the country.
The unemployment rate was 5.1% in the month of June and in July 24,600 more people were lost their jobs and the rate rose up by 0.2%. The analysts of the county had not expected any change in the unemployment rate. The Labour government of the country had tried its best to avoid recession in Australia with help of the heavy demand for commodities.
Experts say this rise in the unemployment rate would hurt the government in the upcoming election of 21st August. According to the market experts this rise was the result of the revised population figures, which suggested that there were more people at work than expected previously.
The economists of the country have said that the unemployment data of the Australian Bureau of Statistics has blamed the central bank's increasing interest rates from 4.5% for the rise in the unemployment rate.
A senior official of the government has said the rate of unemployment is still under control for the country.
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