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ASX to fall; unemployment expected to rise again

Jessica Yun
·2-min read
A courier crosses the road to deliver food in the central business district in Sydney on May 14, 2020. - Almost 600,000 Australians lost their jobs as the virus shutdown took hold in April, the steepest monthly drop since records began more than 40 years ago, data showed on May 14. (Photo by Saeed KHAN / AFP) (Photo by SAEED KHAN/AFP via Getty Images)
A courier crosses the road to deliver food in the central business district in Sydney on May 14, 2020. (Photo by SAEED KHAN/AFP via Getty Images)

Good morning.

Here’s Yahoo Finance’s Thursday morning wrap:

ASX: The Australian share market is expected to fall after a lacklustre performance on Wall Street, which fell due to tech giants Amazon and Microsoft as investors lost hope that another US fiscal stimulus package might be approved before the election.

Wall Street: US treasury secretary Steven Mnuchin made some downbeat comments at a conference – read more on that here.

Unemployment is expected to rise again. The jobless figures for September will be released this month, which represents a timely starting point for measuring the success of Treasurer Josh Frydenberg’s jobs-centric budget.

Economics forecast that the unemployment rate, which is currently at 6.8 per cent, will rise again to 7.1 per cent.

What will happen to the cost of living in this recession? Though the Budget’s measures will go some way to relieve living costs, you could actually see them go up. Our contributing editor Samantha Menzies breaks it down.

Speaking of costs and budgets... What has the government done to prevent wage theft? They’ve been virtually dragging their feet, especially as a migrant workers' task force report was submitted in 2019 to which the Morrison government had given in-principal support to all 22 recommendations. Yet not much has been done about it. More here.

A bit of good news if you’re a developing country in need of financial assistance: the G20 countries have agreed to extend debt payments by an extra six months.

Do you own a copy of Harry Potter and the Philosopher’s Stone that’s worth $135,000? Check your shelf. This is the little detail to look out for.

–with AAP

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