Australia: Unemployment rate picks up to highest level in more than two years
October 11, 2012
In September, the labour market added 14,500 jobs over the previous month in seasonally adjusted terms. The figure contrasted the 9,100 drop recorded in August (previously reported: -8,800 jobs) and was well above market expectations of 3,750 new hires. The reading was driven by a strong increase in full-time jobs (+32,100), which more than compensated for a drop in part-time positions (-17,700). Meanwhile, the number of total job seekers soared by 38,800 persons in September (August: -11,700), marking the highest increase in more than three years. As a result, the unemployment rate jumped from 5.1% in August to 5.4% in September, which was above market expectations that the rate would rise to 5.3% and represents the highest jobless rate since April 2010.
Author: Armando Ciccarelli, Head of Data Solutions