Australia: Unemployment rate unchanged in July
August 8, 2013
In July, the labor market lost 10,200 jobs over the previous month in seasonally adjusted terms. The figure contrasted both the 9,300 jobs gained in June (previously reported: +10,300) as well as market expectations of a 5,000 increase. The result reflected a drop both in part-time positions (-3,500) and in full-time jobs (-6,700).
Meanwhile, the number of total job seekers fell by 5,700 in July (June: +24,100). As a result, the unemployment rate was stable at 5.7% in July, which is just a whisker below the 5.8% rate expected by the market.
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