Australia Jobless Rate Jumps to 12-Year High
Australia's unemployment rate increased by 0.3 percentage points to 6.4 percent in July of 2014, the highest level since June of 2002 as the number of people looking for work increased.
The rise in the jobless rate in July were mostly attributed to increase in participation rate as the number of persons in the labour force rose by 43,400 persons, while the number of employed persons decreased by 300. The net result was the number of unemployed persons increasing by 43,700 to 789,000 in the month.
July 2014 saw the seasonally adjusted participation rate increase by 0.1 percentage points to 64.8 percent and the trend participation rate in the month was unchanged at 64.7 percent.
The seasonally adjusted number of employed persons decreased by 300 in July 2014 to 11,576,600 persons. In trend terms, employment increased by 4,600 persons to 11,582,200 persons in July 2014. The employment to population ratio, which expresses the number of employed persons as a percentage of the civilian population aged 15 years and over, decreased 0.1 percentage points to 60.7 percent. The trend employment to population ratio remained steady at 60.8 percent following a revision to the June 2014 estimate.
Seasonally adjusted part-time employment decreased by 14,800 persons to 3,499,200 persons while full-time employment increased by 14,500 persons in July 2014 to 8,077,400 persons. The decrease in total employment resulted from: a decrease in male part-time employment, down 21,500 persons; a decrease in female full-time employment, down 5,100 persons; an increase in female part-time employment, up 6,700 persons and an increase in male full-time employment, up 19,600 persons.
8/7/2014 9:47:31 AM