Unemployment rate jumps to 5.7%

Australia’s recent run of positive economic news appears to have come to an end, with data from the Australian Bureau of Statistics revealing Australia’s unemployment rate jumped from 5.5% to 5.7%. While total employment only fell by 1700 to 10,793,100, this figure may mask the true state of the jobs market.

Full-time employment decreased by 26,200 to 7,643,100, although part-time employment increased by 24,500 to 3,150,000.

“Employers also seem to be letting people work fewer hours rather than firing them outright, which is why part-time work is increasing,” Macquarie Bank economist Brian Redican told Reuters.

But he was pleased with the result, arguing that the fall in jobs was much less than expected and the unemployment rate is being inflated by Australia’s fast-growing population.

“Overall, it’s a positive sign for the economy and continues this succession of stronger-than-expected numbers we’ve had in recent weeks.”