ABS 6202.0 - Labour Force, Australia, August 2013: Jobless rate rises to four-year-high of 5.8%; Unemployment rate climbs to post-global financial crisis high of 5.8%, in line with forecasts
Employment decreased to 11,648,300. Unemployment increased to 712,400. Unemployment rate at 5.8%. Participation rate steady at 65.1% from a revised July 2013 estimates. Aggregate monthly hours worked increased to 1,647.3 million hours.
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
Employment decreased 10,800 (0.1%) to 11,637,100. Full-time employment decreased 2,600 to 8,128,800 and part-time employment decreased 8,200 to 3,508,300. Unemployment increased 9,400 (1.3%) to 714,100. The number of persons looking for full-time work decreased 2,300 to 516,300 and the number of persons looking for part-time work increased 11,700 to 197,800. The unemployment rate increased 0.1 pts to 5.8%. The participation rate decreased 0.1 pts to 65.0%. Aggregate monthly hours worked increased 1.1 million hours to 1,650.0 million hours.
Australia's unemployment rate has climbed to a post-global financial crisis high of 5.8 per cent, in line with economists' forecasts.
The figures from the Australian Bureau of Statistics show the jobless rate edged up by 0.1 per cent in August.
Unemployment has been rising since November last year, and is now just 0.1 per cent below the peak seen during the depths of the global financial crisis four years ago.
The jobless figures come as businesses and consumers show renewed optimism about the future of Australia's economy.
The Westpac-Melbourne Institute consumer confidence index, released yesterday, rose by 4.7 for September.
Tuesday's National Australia Bank business sentiment survey revealed businesses were confident that the change of government would improve trading conditions.
But they still showed a reluctance to take on new staff.
Meanwhile, the latest ANZ Bank survey of job advertisements revealed a fall of 1.1 per cent in July.
The result was 19 per cent lower than during the same month last year.
Australian employers unexpectedly cut payrolls in August as weaker demand discouraged hiring, underscoring the challenge for Prime Minister-elect Tony Abbott to boost the nation’s economy.
The number of people employed fell by 10,800 from the previous month, when it declined by a revised 11,400, the statistics bureau said today. That compares with expectations of a 10,000 increase.
The jobless rate rose to 5.8 per cent from 5.7 per cent.
The Australian dollar fell to 92.88 US cents from 93.42 cents before the data were released.
The number of full-time jobs declined by 2600 in August, and part-time employment fell by 8200, today’s report showed. The participation rate, a measure of the labour force in proportion to the population, dropped to 65 per cent in August from 65.1 per cent a month earlier, it showed.
Today's numbers tempered the optimism that emerged about the economic outlook in the last few weeks, said CBA chief economist Michael Blythe.
"It's the old story that as long as the unemployment rate is trending up as it is at the moment, then the RBA will still be thinking about interest rates each month and whether they need to cut them again," he said.
WA is holding up pretty well --another 1600 new full time jobs, 300 total new jobs, and 500 less unemployed people since July. Plus the overall participation rate up 0.2%. At this rate, if we are lucky in Perth, the new home building etc will kick off before the reduced capex spending leads to less employment.
I must say I was expecting worse with all the bad news stories peddled by posters on here.
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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