FX.co ★ Australia's Jobless Rate Rises Unexpectedly To 3.7%

Australia's unemployment rate increased unexpectedly at the start of the second quarter, the Australian Bureau of Statistics said on Thursday.

The jobless rate was a seasonally adjusted 3.7 percent in April, up from 3.5 percent in March. Economists had forecast the rate to remain stable at 3.5 percent.

The number of unemployed people increased by 18,400 to 528,000 in April. At the same time, employment dropped by 4,300 to 13.88 million.

The participation rate edged down to 6.7 percent from 6.8 percent in March, in line with expectations.

Further, data showed that monthly hours worked in all jobs grew at a faster pace of 7.4 percent annually in April, following a 5.6 percent rise in March.

"The ongoing strength in hours worked over the past six months shows the demand for labor, to some extent, is being met by people working more hours," ABS head of labor statistics Bjorn Jarvis said.