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.