800,000 now looking for a job in Australia

MORE than 800,000 are now officially unemployed in Australia with the latest figures showing a jump in the seasonal jobless rate to 6.3 percent.

But  figures released by the Australian Bureau of Statistics show employment increased 38,500 to 11,810,700.

Full-time employment increased 12,400 to 8,170,400 and part-time employment increased 26,100 to 3,640,300.

Economists were expecting 10,000 jobs to be created and unemployment to rise to 6.1 per cent.

But the participation rate climbed 0.3 percentage points to 65.1 per cent.

Economists welcomed the figures, saying there were clear signs more workers were looking for jobs.

The figures mean further interest rate cuts are unlikely for home owners and investors, however.

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KEY FIGURES (seasonally adjusted)

„ Employment increased 38,500 to 11,810,700. Full-time employment increased 12,400 to 8,170,400 and part-time employment increased 26,100 to 3,640,300.

„ Unemployment increased 40,100 to 800,700. The number of unemployed persons looking for full-time work increased 23,600 to 568,100 and the number of unemployed persons only looking for part-time work increased 16,500 to 232,600.

Unemployment rate increased 0.3 pts to 6.3% from a revised June 2015 estimate.

„ Participation rate increased 0.3 pts to 65.1%.

„ Monthly hours worked in all jobs decreased 3.4 million hours (0.2%) to 1,633.2 million hours

Source: ABS


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