FX.co ★ Australia Jobless Rate Above Forecasts

Australia’s seasonally adjusted unemployment rate ticked up to 4.5% in July, exceeding both market expectations and June’s 4.4%, and marking the highest level in three months. The number of unemployed rose by 4,200 to 691,500 from 687,400 in June.

Overall employment fell unexpectedly by 15,800 to 14.81 million, defying forecasts for a 15,000 increase and following an upwardly revised gain of 80,300 jobs in June. This was the first decline in three months.

By employment type, full-time jobs increased by 16,300 to 10.21 million, while part-time employment fell by 32,200 to a three-month low of 4.60 million. Within the monthly flows, the number of full-time employed people rose by 6,100 to 462,900, whereas the number of part-time employed people declined by 1,900 to 228,700.

The participation rate edged down to 66.9%, in line with expectations. The underemployment rate was unchanged at 6.4%, after June’s figure was revised lower. Total monthly hours worked across all jobs decreased by 12 million to 2,010 million.