Australia: Unemployment rate inches down in August
September 10, 2012
In August, the labour market shed 8,800 jobs over the previous month in seasonally adjusted terms. The figure contrasted the 11,700 gain recorded in July (previously reported: +14,000 jobs) and contrasted market expectations of 5,000 new hires. The reading reflected a drop in part-time positions (-9,300), combined with an almost unchanged number of full-time jobs (+600). Meanwhile, the number of total job seekers dropped by 10,600 persons in August (July: -6,000). As a result, the unemployment rate inched down from 5.2% in July to 5.1% in August, contrasting market expectations that the rate would inch up to 5.3%.
Author: Armando Ciccarelli, Head of Data Solutions