Australia: Unemployment rate picks up despite unexpected rise in payrolls
July 11, 2013
In June, the labour market added 10,300 jobs over the previous month in seasonally adjusted terms. The figure contrasted both the 700 jobs lost in May (previously reported: +1,100) as well as market expectations of a 5,000 drop. The result was mainly driven by a pick-up in part-time positions (+14,800), which more than offset a drop in full-time jobs (-4,400).
Meanwhile, the number of total job seekers rose by 23,700 persons in June (May: -2,800). As a result, the unemployment rate inched up from 5.6% in May to 5.7% in June, which is a whisker above the 5.6% rate expected by the markets.
FocusEconomics panellists expect the unemployment rate to average 5.4% in 2013, which is unchanged from last month's forecast. Next year, the panel expects the unemployment rate to inch down to 5.3%.
Author: Armando Ciccarelli, Head of Data Solutions