Australia: Unemployment rate inches down in August
September 10, 2015
In August, the labor market gained 17,400 jobs compared to the previous month, in seasonally-adjusted terms. The increase was a significant moderation compared to last month’s gain of 39,200 jobs; however, it still managed to surprise analysts who expected an increase of just 5,000 jobs. August’s moderation was driven by fewer full-time and part-time jobs created in comparison to July. In August, the number of part-time positions increased by 5,900 (July: +26,100 jobs), while the number of full-time positions increased by 11,500 (July: +13,100 jobs).
The labor market participation rate inched down to 65.0% in August from 65.1% in July. Due to the increase in the number of jobs and the decrease in the participation rate, the unemployment rate fell 0.1 percentage points to 6.2% in August from July’s figure of 6.3%.
Author: Robert Hill, Economist