Australia's unemployment rate inched up to a near two-year high in December.
The Australian Bureau of Statistics reported Thursday that the jobless rate hit 4.5 percent, compared to November's reading of 4.4 percent.
The report showed the Australian economy lost 44,000 full-time jobs in December, bringing the total number of full-time employees to 7,640,200. The December figure marked the third increase in lost jobs in four months, bringing the cumulative loss for the period to 77,000.
Part-time employment, meanwhile, swelled by 42,800 to 3,102,200, an indication that employers are cutting back on the number of hours worked rather than eliminating jobs outright.
The job loss was far worse than the 20,000 decline predicted by most economists and was the largest decline in full-time positions since March 2003.
Initial news of the better-than-expected jobless rate sent the Australia dollar higher, but the gains were short-lived when investors saw the sharp decline in full time jobs. The Aussie fell to a low of 0.6575 before rebounding.
All the posting are delayed, I can share live updates of my content via emails. If you are interested to receive live updates, send an email to me at atraderx@gmail.com.
The Australian Bureau of Statistics reported Thursday that the jobless rate hit 4.5 percent, compared to November's reading of 4.4 percent.
The report showed the Australian economy lost 44,000 full-time jobs in December, bringing the total number of full-time employees to 7,640,200. The December figure marked the third increase in lost jobs in four months, bringing the cumulative loss for the period to 77,000.
Part-time employment, meanwhile, swelled by 42,800 to 3,102,200, an indication that employers are cutting back on the number of hours worked rather than eliminating jobs outright.
The job loss was far worse than the 20,000 decline predicted by most economists and was the largest decline in full-time positions since March 2003.
Initial news of the better-than-expected jobless rate sent the Australia dollar higher, but the gains were short-lived when investors saw the sharp decline in full time jobs. The Aussie fell to a low of 0.6575 before rebounding.
All the posting are delayed, I can share live updates of my content via emails. If you are interested to receive live updates, send an email to me at atraderx@gmail.com.
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