Australia Unemployment


Unemployment rate reaches highest level in over four years

In August, the labor market lost 10,800 jobs over the previous month in seasonally-adjusted terms. The figure came below the 11,400 jobs lost in July (previously reported: +10,200) and contrasted market expectations of a 10,000 increase. The result reflected a drop both in part-time positions (-8,200) and in full-time jobs (-2,600).

Meanwhile, the number of total job seekers rose by 9,400 in August (June: -6,200). Thus, the unemployment rate inched up from 5.7% in July to 5.8%, reaching the highest level since June 2009. The reading was in line with market expectations.

FocusEconomics panelists expect the unemployment rate to average 5.4% in 2013, which is unchanged from last month's forecast. Next year, the panel expects the unemployment rate to inch down to 5.3%.

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Australia Unemployment Chart

Australia Unemployment August 2013

Note: Seasonally adjusted unemployment rate in % and new jobs in thousands.
Source: Australian Bureau of Statistics.

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