ASX falls 0.72% as unemployment rises to 4.6%
The ASX closed 0.72% lower with Australia's jobless rate climbing to 4.6% amid global rate concerns.
Markets opened hard, down 1.3%, as investors braced for a hammering. Unemployment data then showed the jobless rate had climbed to 4.6%.
Oil prices pushed above US$100, US bond yields topped 5%, and Wall Street spooked the overnight session with rate-hike anxiety. The ASX 200 finished at 8702.0 with five sectors falling and six rising.
Real estate dropped 1.93%, materials lost 1.46%, telecoms fell 1.07%, and financials shed 0.83%. Miners copped it hard too.
Energy rose 1.17% as oil pushed back above US$100, while staples, utilities, tech and healthcare all managed modest gains.
- 8702.0 points, down 0.72%
- ASX 200 close
- 4.6%
- Unemployment rate
- Real estate sector, down 1.93%
- Worst performer
- Energy sector, up 1.17%
- Biggest gainer
Why it mattersRising unemployment signals a weakening job market; falling shares mean retirement funds and ordinary investors lose ground simultaneously.
AustraliaAustralians holding shares saw declines; jobless rate climb means tougher competition for work and higher pressure on household budgets.
✓ Claims checked against the source and corrected before publish. checked 55 min ago
