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Financial News: Australia Unemployment Rate Plunges To 6.8% Last Month

Australia Unemployment Rate Plunges To 6.8% Last Month

09/16/2020 - 22:15:00 (RTTNews)

(RTTNews) - The jobless rate in Australia came in at a seasonally adjusted 6.8 percent in August, the Australian Bureau of Statistics said on Thursday.

That blew away expectations for 7.7 percent and was down from 7.5 percent in July.

The Australian economy added 111,000 jobs last month to 12,583,400 - again shattering expectations that called for a loss of 50,000 jobs following the addition of 114,700 jobs in the previous month.

Full-time employment gained 36,200 jobs to 8,584,500 after adding 43,500 in July. Part-time employment was up 74,800 jobs to 3,998m900 after rising by 71,200 jobs a month earlier.

The participation rate came in at 64.8 percent, beating forecasts for 64.7 percent - which would have been unchanged.

The underemployment rate remained steady at 11.2 percent, while the underutilization rate decreased 0.7 pts to 18.0 percent.

Monthly hours worked in all jobs increased 1.6 million hours to 1,683.4 million hours.

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