Australia's Jobless Rate Remains Unchanged at 4.2 Percent
(MENAFN) Australia's unemployment rate remained unchanged at 4.2% in August, even as the nation saw a sharp decline in full-time positions, according to data released Thursday by the Australian Bureau of Statistics (ABS).
Despite the steady headline figure, the labor market showed signs of softening. The total number of employed people fell by 5,400 from July to August. Full-time jobs dropped by 40,900 during the month, partially offset by a 35,500 gain in part-time employment, the ABS said.
This follows a robust increase of 60,500 full-time jobs recorded between June and July.
Over the past year, total employment in Australia has grown by 217,200, reflecting continued long-term labor market resilience. However, participation metrics edged lower in August. The labor force participation rate declined by 0.1 percentage point to 66.8%, while the employment-to-population ratio also dipped by 0.1 point to 64.0%.
Sean Crick, head of labor statistics at the ABS, noted the shift in working hours driven by the dip in full-time employment. "The total number of hours worked by Australians was 0.4 percent lower in August than in July due to the drop in full-time employment," he said.
The data suggests a potential cooling in the labor market as the Reserve Bank of Australia continues to weigh interest rate settings amid ongoing economic uncertainty.
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