Australia: Unemployment spikes to ten-month high
September 8, 2011
In August, the labour market shed 9,700 jobs over the previous month in seasonally-adjusted terms, which was down from the 4,100 jobs lost in July and contrasted market expectations that an additional 11,000 jobs would be created. The August reading comprised a significant drop in the number of full-time jobs (-12,600), while part-time positions increased slightly (+2,900 jobs). Meanwhile, the number of total job seekers rose by 18,400 persons in August, down from the 21,900 new job seekers recorded in July. The continued increase in the number of job seekers drove unemployment from 5.1% in July to 5.3% in August, which was above market expectations that had the unemployment rate unchanged at 5.1% and represented the highest reading since October 2010.
Author: Armando Ciccarelli, Head of Data Solutions