Australia Unemployment

Australia

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.

FocusEconomics panelists expect the unemployment rate to average 6.4% in 2015, which is unchanged from last month’s forecast. In 2016, the panel expects that the unemployment rate will inch down to 6.3%.


Author:, Economist

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Australia Unemployment Chart


Australia Unemployment July 2015

Note: Seasonally-adjusted unemployment rate in % and new jobs in thousands.
Source: Australian Bureau of Statistics.


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