Australia: Unemployment rate rises to over-twelve-year high
February 12, 2015
In January, the labor market lost 12,200 jobs compared to the previous month in seasonally-adjusted terms, which contrasted the 42,300 jobs gain in December (previously reported: +37,400). The figure came in notably below market expectations of a 5,000 loss. The decrease in jobs was driven by a 28,100 decline in the number of full-time positions, while the number of new part-time positions increased compared to last month.
Labor market participation remained unchanged at December’s 64.8% in January. As a result of the job losses, the unemployment rate rose from December’s 6.1% to 6.4% in January, marking the worst result since June 2002.
Author: Cecilia Simkievich, Economist