Australia Unemployment

Australia

Australia: Unemployment reaches a 12-year high

August 7, 2014

In July, the labor market lost 300 jobs compared to the previous month in seasonally-adjusted terms, which contrasted the revised 14,900 jobs created in June (previously reported: 15,900 jobs created). The figure reflected a strong decline in part-time positions (1,800 jobs lost), whereas 14,500 full-time positions were created.

Labor market participation was virtually unchanged at 64.8% in July (June: 64.7%), although it has been declining since the beginning of the global financial crisis. The unemployment rate rose from the 6.0% tallied in June to 6.4% in July, which marked the highest rate since June 2002.

FocusEconomics panelists expect the unemployment rate to average 6.0% in 2014, which is unchanged from last month’s forecast. In 2015, the panel expects the unemployment rate to inch down to 5.9%.


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Australia Unemployment Chart


Australia Unemployment July 2014

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


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