Australia Unemployment

Australia

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.

FocusEconomics panelists expect the unemployment rate to average 6.0% in 2015, which is unchanged from last month’s forecast. In 2016, the panel expects the unemployment rate to inch down to 5.8%.


Author:, Economist

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Australia Unemployment Chart


Australia Unemployment January 2015

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


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