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Australia's unemployment rises to a four-year high of 5.8% Australia's unemployment rises to a four-year high of 5.8%
(6 days later)
The unemployment rate rose to a four-year high in August, posing a challenge for both the central bank and the incoming Abbott government.The unemployment rate rose to a four-year high in August, posing a challenge for both the central bank and the incoming Abbott government.
New data on Thursday showed the jobless rate rising to 5.8%, as economists had expected, compared with 5.7% in both June and July.New data on Thursday showed the jobless rate rising to 5.8%, as economists had expected, compared with 5.7% in both June and July.
The Australian Bureau of Statistics said the number of people in employment dropped by 10,800 in August, when economists had expected a 10,000 increase. Full-time employment fell by 2,600, while those in part-time work decreased by 8,200.The Australian Bureau of Statistics said the number of people in employment dropped by 10,800 in August, when economists had expected a 10,000 increase. Full-time employment fell by 2,600, while those in part-time work decreased by 8,200.
Forward indicators of employment, such as job advertisements, point to a continued reluctance to hire by business in the coming months.Forward indicators of employment, such as job advertisements, point to a continued reluctance to hire by business in the coming months.
Treasury has forecast a rise of 6.25% in the unemployment rate by June next year.Treasury has forecast a rise of 6.25% in the unemployment rate by June next year.
Among the states, the jobless rate rose to 5.9% from 5.7% in NSW, while in Queensland it increased to 6% from 5.9%. In Western Australia the rate jumped to 5% from 4.6% and in Tasmania it rose to 8.3% from 8.2%.Among the states, the jobless rate rose to 5.9% from 5.7% in NSW, while in Queensland it increased to 6% from 5.9%. In Western Australia the rate jumped to 5% from 4.6% and in Tasmania it rose to 8.3% from 8.2%.
South Australia bucked the trend with its unemployment rate easing to 6.8% from 7.1%, while in Victoria it was unchanged at 5.7%.South Australia bucked the trend with its unemployment rate easing to 6.8% from 7.1%, while in Victoria it was unchanged at 5.7%.
In the ACT the rate was also unchanged at 3.7%, while in the Northern Territory it rose to 5.5% from 5.4%.In the ACT the rate was also unchanged at 3.7%, while in the Northern Territory it rose to 5.5% from 5.4%.
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