Australia: Unemployment picks up in July
August 11, 2011
In July, employment remained broadly unchanged over the previous month in seasonally-adjusted terms, which was down from the 18,202 jobs (previously reported: +23,400) created in June and came in below market expectations that an additional 10,000 jobs would be created. The July reading comprised a significant increase in the number of part-time jobs (+22,100), which was almost completely offset by the drop in full-time positions (-22,200 jobs). Meanwhile, the number of total job seekers rose by 18,000 persons in July, which contrasted the 1,000 drop in new job seekers recorded in June. As a result, the unemployment rate rose to 5.1% in July, after remaining unchanged at 4.9% for a fourth consecutive month, overshooting market expectations that had the unemployment rate unchanged at 4.9%.
Author: Armando Ciccarelli, Head of Data Solutions