Australia: Unemployment rate increases to highest level in over 13 years
August 6, 2015
In July, the labor market gained 38,500 jobs compared to the previous month, in seasonally-adjusted terms. The increase was much more pronounced than last month’s increase of 7,000 jobs and shattered analysts’ expectations of a 10,000-job gain. The result was driven by a rebound in the number of part-time positions, which increased by 26,100, contrasting last month’s revised estimate of a decrease of 17,900 part-time jobs (previously reported: -17,200 jobs). Full-time positions also increased, rising by 12,400 positions.
The labor market participation rate inched up to 65.1% in July from 64.8% in June. Despite the increase in the number of jobs, the unemployment rate rose 0.2 percentage points to 6.3% in July from June’s revised figure of 6.1% (previously reported: +6.0%), the highest reading since June 2002.
Author: Robert Hill, Economist