The unemployment rate rose to 6.4% in June, the highest it has been since August 2002. 14,500 full time positions were added but 14,800 part time jobs were lost, causing the economy to lose around 300 jobs in July.
The labour force data is causing some analysts to worry, with HSBC Chief Economist Paul Bloxham calling the labour market “weak”. This is the first time since 2007 that the country’s unemployment rate finished higher than the United States, currently at 6.2%. The recent announcements caused the Australian dollar to drop to 92.96 US cents from 93.55 US cents.
Read more about this on the Sydney Morning Herald website.