Australia: Unemployment rate reaches highest level in over four years
September 12, 2013
In August, the labor market lost 10,800 jobs over the previous month in seasonally-adjusted terms. The figure came below the 11,400 jobs lost in July (previously reported: +10,200) and contrasted market expectations of a 10,000 increase. The result reflected a drop both in part-time positions (-8,200) and in full-time jobs (-2,600).
Meanwhile, the number of total job seekers rose by 9,400 in August (June: -6,200). Thus, the unemployment rate inched up from 5.7% in July to 5.8%, reaching the highest level since June 2009. The reading was in line with market expectations.
FocusEconomics panelists 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