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Financial News: Australia Unemployment Rate Rises To 6.2% In April

Australia Unemployment Rate Rises To 6.2% In April

05/13/2020 - 22:15:00 (RTTNews)

(RTTNews) - The jobless rate in Australia came in at a seasonally adjusted 6.2 percent in April, the Australian Bureau of Statistics said on Thursday. That was up from 5.2 percent in March but was well beneath expectations for 8.3 percent.

The Australian economy lost 594,300 jobs last month to 12,418,700 - missing forecasts for a decline of 575,000 following the increase of 5,900 jobs in the previous month.

Full-time employment decreased 220,500 to 8,656,900 people and part-time employment decreased 373,800 to 3,761,800 people.

Unemployment increased 104,500 to 823,300 people. Underutilization rate increased 5.9 pts to 19.9 percent.

The participation rate was 63.5 percent in April, well shy of expectations for 65.2 percent and down from 66.0 percent a month earlier.

Monthly hours worked in all jobs decreased 163.9 million hours to 1,625.8 million hours.

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