Australia: Unemployment rate drops unexpectedly in August thanks to soaring employment
September 17, 2020
Seasonally-adjusted employment surged by 111,000 in August, following a revised 119,200 jobs gain in July (previously reported: +114,700). August’s result was driven by a sharp surge in part-time employment and a sustained increase in full-time employment.
Meanwhile, the seasonally-adjusted unemployment rate fell to 6.8% in August, from July’s near 22-year high 7.5%. Moreover, the participation rate inched up from 64.7% in July to 64.8% in August. Meanwhile, the seasonally-adjusted underemployment rate remained stable at July’s 11.2%.