In August, the labour market shed 9,700 jobs over the previous month in seasonally-adjusted terms, which was down from the 4,100 jobs lost in July and contrasted market expectations that an additional 11,000 jobs would be created. The August reading comprised a significant drop in the number of full-time jobs (-12,600), while part-time positions increased slightly (+2,900 jobs). Meanwhile, the number of total job seekers rose by 18,400 persons in August, down from the 21,900 new job seekers recorded in July. The continued increase in the number of job seekers drove unemployment from 5.1% in July to 5.3% in August, which was above market expectations that had the unemployment rate unchanged at 5.1% and represented the highest reading since October 2010.
Unemployment spikes to ten-month high
September 8, 2011
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Australia Economic News
October 12, 2016
The Westpac-Melbourne Institute Survey of Consumer Sentiment increased 1.1% in October as the index rose from September’s 101.4 to 102.4.
October 11, 2016
The business confidence index published by the National Australia Bank (NAB) was stable in September at August’s 6 points.
October 5, 2016
Nominal retail sales inched up 0.4% in August from the previous month in seasonally-adjusted terms, up from July’s flat reading.
October 4, 2016
At its 4 October monetary policy meeting, the Reserve Bank of Australia (RBA) kept its policy rate steady at an all-time low of 1.50% after cutting its rate by 25 basis points twice this year, once in May and once in August.
September 15, 2016
The labor market lost 3,900 net new jobs in August compared to the previous month in seasonally-adjusted terms.