Retail apocalypse has struck Australia, with many Australians struggling to find jobs.
The latest data from the Bureau of Statistics showed the unemployment rate jumped to 6.5 per cent on Monday, with the unemployment figure now at 5.3 per cent.
More than 5 million Australians were either unemployed or not working in the month of August.
It is the first time the unemployment figures have hit 5.5 million since August 2014.
In contrast, there were 4.2 million jobs in the same month last year.
The Bureau of Economics and Social Research said the unemployment rates across the economy are “not yet statistically meaningful”.
“The unemployment rate does not provide an indication of the long-term unemployment outlook.
It is a proxy for long-run unemployment and the longer unemployment trend is maintained, the higher the unemployment trend,” the report said.
What is retail apocalypse?
The retail apocalypse is the worst economic crisis in history, with retail sales dropping by a third, the number of jobs lost and the number seeking help through JobCentre Plus, a national job centre.
People are looking for work and many are living in poverty, but there are signs the crisis is deepening.
A number of retailers are facing a backlash from their customers.
Many are blaming the closure of stores in Sydney and Melbourne as well as the closure by other major retailers of major online retailers like Amazon, Walmart and Homebase.
There have been a number of cases of shoplifting in Australia, but not in Sydney, where a large number of stores remain open, but are closing.
As well as losing millions of dollars in profits, many retailers have been left out of government assistance payments.
“It is a real pain in the neck for retailers,” a store owner in Sydney told the ABC.
Retail apocalypse is expected to continue for a few more months, with a full report expected in late September.
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