Australia's Unemployment Rate Rises to 4.5%
Australia's unemployment rate rose to 4.5% in April, beating market expectations of 4.3% and the previous month's level. This was the highest level since November 2021, as the number of unemployed rose by 33,000 to 692,500, compared to 659,500 in March.
The number of part-time job seekers rose by 22,300 to 241,700, while full-time jobs increased by 10,700 to 450,800. Overall, total employment decreased by 18,600 to 14.74 million, against the expected increase of 17,500, after a revised increase of 23,300 in March.
Full-time jobs fell by 43,900 to 10.16 million, while part-time jobs fell by 11,900 to 4.58 million. The participation rate fell slightly to 66.7%, a three-month low, compared to market expectations of 66.8%.
The underemployment rate fell slightly to 5.8% from 5.9%. Total monthly hours worked across all occupations actually increased by 16 million to 2.036 million hours, indicating continued employment despite the decline in employment.
This data reflects a slowdown in Australia's labor market, which could impact monetary policy expectations and investor sentiment toward the domestic economy. (asd)
Source: Newsmaker.id
