ABS report: Australia unemployment rate up 6.4 percent in July

Nathan Andrada – Fourth Estate Cooperative Contributor

Sydney, Australia (4E) – Australia’s jobless rate rose to a decade-high 6.4 percent on a seasonally adjusted basis in July, according to the report by Australian Bureau of Statistics (ABS) released Thursday.

The headline figure was well above economists’ forecast of 6.0 percent, which would have been a similar reading from June.

The economy lost 300 jobs compared with forecasts for a gain of 13,200 after adding 15,900 in the prior month.

Full-time employment rose 14,500 and part-time employment fell 14,800, according to ABS.

The participation rate edged higher to 64.8 percent, surpassing economists’ view of 64.7 percent, which would have stayed flat.

Unemployment jumped 43,700 to 789,000. The number of unemployed people looking for a full-time job rose 21,900 to 566,400 and the number of people out of work looking for a part-time job climbed 21,800 to 222,600.

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