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Financial News: Australia Unemployment Rate Rises To 5.8% In December

Australia Unemployment Rate Rises To 5.8% In December

01/18/2017 - 20:31:00 (RTTNews)

(RTTNews) - The jobless rate in Australia came in at a seasonally adjusted 5.8 percent in December, the Australian Bureau of Statistics said on Thursday.

That exceeded forecasts for 5.7 percent, which would have been unchanged from the November reading.

The Australian economy added 13,500 jobs, topping expectations for 10,000 following the addition of 37,100 in the previous month.

Full-time employment increased 9,300 to 8,176,500 and part-time employment increased 4,200 to 3,809,500.

Unemployment increased 14,700 to 741,100. The number of unemployed persons looking for full-time work increased 15,000 to 528,900 and the number of unemployed persons only looking for part-time work decreased 300 to 212,200.

The participation rate ticked up to 64.7 percent, beating forecasts for 64.6 percent, which would have been unchanged.

Monthly hours worked in all jobs increased 6.9 million hours to 1,670.4 million hours.

Also on Thursday, the inflation forecast for Australia surged in January, the latest survey from the Melbourne Institute showed, spiking 4.3 percent.

That follows the 3.4 percent forecast in December, and it marks the highest reading since coming in at 4.4 percent in May 2014.

A rebound in commodity prices is seen as the main factor for the sharp increase - although prices may surge beyond the Reserve Bank of Australia's target range of 2 to 3 percent.

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