Unemployment data shocks economists

Unemployment was at a decade high last month, and economists were in for a surprise as they forecasted the unemployment rate to rise at 6.1%. Instead, the unemployment rate fell to 5.8%, with 18,100 jobs added to the economy. Full time jobs dropped to 22,100 as part time jobs increased to 40,200, according to the Bureau of Statistics.

Barclays’ chief economist for Australia has seen rising confidence in job hirings this year, consistent with the improvements in business surveys and job ads. The Australian dollar increased to US 94.40 cents upon release of the unemployment data.

Read more about this on the Sydney Morning Herald website.