herald

Tuesday 16 January 2018

Aussie jobless toll up

AUSTRALIA'S unemployment rate pushed through an eight-month high in July, raising further concerns about a slowdown in the country's economy.

The unemployment rate is now listed at 5.1pc. Last week, Australia's central bank cut its annual growth forecast to 3.25pc from 4.25pc. There are concerns that high borrowing costs and weak consumer spending have hurt the economy.

Analysts said the unemployment rate was likely to remain high for some time.

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