WASHINGTON: Unemployment has edged up to 5.8 per cent, despite the estimated creation of 7,900 jobs. It is the first time in five months that unemployment has gone up in Australia. The result was broadly in line with market expectations, with the typical analyst expecting a 10,000-strong jobs gain and a 5.8 per cent unemployment rate.
However, the figures were stronger than they looked, with the modest jobs gain driven entirely by full-time positions, which rose by 38,400, while the number of part-time jobs fell 30,600. The participation rate – which measures the proportion of the working-age population in work or looking for it – edged higher to 64.9 per cent.
On the downside, hours worked fell slightly last month according to the Bureau of Statistics, despite the apparent increase in full-time work. Overall, Commonwealth Bank economist Gareth Aird said it will be seen as a fairly steady jobs update by financial markets and the Reserve Bank.
