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Financial News: Australia Jobless Rate Rises To 7.4% In June

Australia Jobless Rate Rises To 7.4% In June

07/15/2020 - 21:59:00 (RTTNews)

(RTTNews) - The unemployment rate in Australia came in at a seasonally adjusted 7.4 percent in June, the Australian Bureau of Statistics said on Thursday - in line with forecasts and up from the downwardly revised 7.0 percent in the previous month (originally 7.1 percent).

The Australian economy gained 210,800 jobs in June to 12,328,500, blowing past expectations for the addition of 112,500 jobs following the loss of 227,700 jobs in May.

Full-time employment decreased 38,100 to 8,489,100 people and part-time employment increased 249,000 to 3,839,400 people.

Unemployment increased 69,300 to 992,300 people.

The underemployment rate decreased 1.4 pts to 11.7 percent and the underutilization rate decreased 1.0 pts to 19.1 percent.

The participation rate climbed to 64.0 percent - exceeding expectations for 63.6 percent and moving up sharply from 62.9 percent a month earlier.

Monthly hours worked in all jobs increased 64.3 million hours to 1,664.7 million hours.

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