Disastrous jobs data will create more work for the RBA

It is too early to say whether the surge in the unemployment rate reflects the next stage of Australia's economic downturn, but it does suggest there is some way to go in the rebalancing process.

The unemployment rate rose sharply in July -- and now sits higher than the United States unemployment rate -- but it might take a few months to sort the signal from the noise. Nevertheless, the Australian economy remains weak and the Reserve Bank of Australia needs to take decisive actions to support the economy.

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