Heartbreaking job data drags market lower: Aus shares close 0.9% lower
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The market sank at the open, was hit by job data that Prime Minister, Scott Morrison described as āheartbreakingā, and finished the day 0.9 per cent lower. In Australia the number of known coronavirus cases stands at 7,370 and the number of deaths remains unchanged at 102. The Prime Minister addressed parliament house today calling this āanother terribly hard and difficult day for Australiansā and noting that "we have a long road aheadā but that the government can see the light at the end of the tunnel. The S&P/ASX200 index: At the closing bell the S&P/ASX 200 index closed 55 points lower to finish at 5,937. Futures market: Dow futures are suggesting a fall of 153 points. S&P 500 futures are eyeing a dip of 16 points. The Nasdaq futures are eyeing a fall of 33 points. And the ASX200 futures are eyeing a 60 point fall tomorrow morning. Economic news: Data released by the Australian Bureau of Statistics today shows that Australia's population is growing, largely as a result of overseas migration. The population grew by 1.4 per cent during the last calendar year. Natural increase accounted for around 40 per cent of annual population growth, while overseas migration accounted for the remaining 60 per cent. ABS data released today revealed that the national unemployment rate has risen from 6.4 per cent in April to 7.1 per cent in May. Prime Minister Scott Morrison labelled the job data as āheartbreakingā and ādevastatingā. Over 227,000 people lost their job between April and May and monthly hours worked fell 0.7 per cent during the month. Treasurer Josh Frydenberg revealed that females and young people were the hardest hit by the employment changes. Around 2.3 million Australians (1 in 5) have been affected by job losses and hour reductions during the covid pandemic, with further job losses expected in September when the governmentās Job Keeper stimulus is scheduled to end. Around 3 million Australians are currently receiving the government's JobKeeper payment. Treasu...
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