Australia: Unemployment rate drops from August's four-year high in September
October 10, 2013
In September, the labor market created 9,100 new jobs compared to the previous month in seasonally-adjusted terms, which contrasted the 10,200 jobs lost in August (previously reported 10,800). Despite the improvement, the figure fell short of market expectations of a 15,000 increase. The result reflected an increase in both part-time positions (4,100 new jobs) and full-time positions (5,000 new jobs).
As a result of the jobs added in September, the unemployment rate edged down from 5.8% in August to 5.6%. Although the reading was below the 5.8% rate the market had expected, it was an improvement on the four-year high unemployment rate tallied in August.
FocusEconomics panelists expect the unemployment rate to average 5.7% in 2013, which is unchanged from last month's forecast. Next year, the panel expects the unemployment rate to inch down to 5.8%, which is up 0.1 percentage points from last month's projection.