Australia / Unemployment rises to a four-year high at 5.8%

Jobs fell by 10,800 in August as employment slowdown poses a challenge for incoming Abbott government

The unemployment rate rose to a four-year high in August, posing a challenge for both the central bank and the incoming Abbott government.

New data on Thursday showed the jobless rate rising to 5.8%, as economists had expected, compared with 5.7% in both June and July.

The Australian Bureau of Statistics said the number of people in employment dropped by 10,800 in August, when economists had expected a 10,000 increase. Full-time employment fell by 2,600, while those in part-time work decreased by 8,200.

Forward indicators of employment, such as job advertisements, point to a continued reluctance to hire by business in the coming months.

Treasury has forecast a rise of 6.25% in the unemployment rate by June next year.

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via Australia’s unemployment rises to a four-year high of 5.8% | World news | theguardian.com.