Australia: Unemployment rate remains at a four-year high
January 16, 2014
In December, the labor market lost 22,600 jobs compared to the previous month in seasonally-adjusted terms, which contrasted the 15,400 jobs created in November (previously reported: 700 jobs created). The print took the market by surprise, as it expected 10,000 new jobs to have been created. The deterioration was mainly backed by a sharp contraction in full-time positions (31,600 jobs lost), although an improvement was registered in part-time positions (9,000 jobs created).
Following the loss of jobs in the labor market, the unemployment rate remained at November's 5.8%, as 8,000 people who were actively looking for jobs did not find one. The result was in line with market expectations.
FocusEconomics panelists expect the unemployment rate to average 5.9% in 2014, which is unchanged from last month's forecast. In 2015, the panel expects the unemployment rate to inch up to 5.7%.