August 11, 2011
Source: www.news.com.au
AUSTRALIA'S unemployment rate rose unexpectedly in July to its highest level since November 2010, and may rise further in coming months, economists say.
The unemployment rate rose to 5.1 per cent, from 4.9 per cent in June, the Australian Bureau of Statistics (ABS) said.
Total employment was steady at 11.450 million in the month.
The July participation rate stayed steady at 65.6 per cent, coming in as forecast.
Macquarie Research economist Ben Dinte says the jobs data doesn't represent a major deterioration in employment market conditions.
"But it is consistent with what we've been seeing in the business surveys in terms of business confidence, hiring intentions, and also in terms of job ads," he said.
"We expect the unemployment rate to gradually tick higher, not racing up towards six per cent, but we do see a gradual increase rather than a decline."
To read the full story, follow this link: www.news.com.au/business/breaking-news/unemployment-rate-lifts-to-51-per-cent-in-july-22000-full-time-jobs-lost/story-e6frfkur-1226113004867
