Australia: Unemployment rate falls to over three-year low 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. The decrease contrasted July’s 26,200 newly-created jobs. The number of new positions in August came in far below market expectations of a 15,000 increase. The result reflected a steep drop in the number of part-time positions, which fell by 15,400 (July: +69,600). The number of full time-positions grew by 11,500 (July: -43,400).
In August, the labor market participation rate inched down from July’s 64.9% mark to 64.7%. The unemployment rate edged down to 5.6% in August (July: 5.7%). August’s result marks the lowest reading since July 2013.
Author: Christopher Mc Innes, Economist