The nation shed another 227,000 jobs in May, with the unemployment rate reaching 7.1 per cent, its highest level since 2001.

In South Australia unemployment is at an understated 7.9 per cent, with more realistic estimates putting it closer to 12 per cent.

Under employment in SA as of May, stands at a colossal 55,000 people. Under employment by women in SA, stands at 14.4 per cent.

The Australian Bureau of Statistics shows the country has now lost more than 824,000 jobs over the past two months, although that figure does not count the number of those receiving JobKeeper.

Nationally, under-utilisation rate had now reached a record high of 20.2 per cent while monthly hours worked had fallen by 10.2 per cent since March.

Markets had been expecting the loss of 79,000 jobs and a lift in the unemployment rate to almost 7 per cent.

Around 2.3 million people – that’s one in five employed people – were affected by either job loss between April and May or had less hours than usual for economic reasons in May.

Unemployment is now highest in Western Australia, at 8.1 per cent, and has climbed to 7.9 per cent in Queensland. In NSW it is at 6.4 per cent and 6.9 per cent in Victoria.

The head of labour statistics at the ABS, Bjorn Jarvis, said there had been a substantial hit to the nation’s job market.

“In two months, the percentage of people aged 15 and over employed in Australia, decreased from around 62.5 per cent to around 58.7 per cent.”