Unemployment edged up to 29.0% in 2Q19, from 27.6% in 1Q19. This marks the highest unemployment print to date (since the inception of the QLFS survey in 2008). We read this as a lagged effect of poor economic activity in 1Q19 (unemployment tends to have a delayed reaction to economic activity). Although there was a marginal increase in employment, this was counteracted by the rise in the number of job seekers, including new entrants into the labour market, resulting in a larger increase in the number of unemployed persons. (more…)
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