Australia’s unemployment rate increased significantly in July, official data showed Thursday.
Unemployment rate rose in Australia by 0.4% last month alone, reaching a seasonally adjusted 6.4% compared to the 6% of June. The market forecast was at 6% as well. The current rate is the highest in 12 years.
The Australian Bureau of statistic released a host of employment related data today. Part time jobs decreased by 14,800 opportunities. Participation rate was up to 64.8%, although the increase is a slight 0.1%.
The Reserve Bank of Australia said earlier this year that it was expecting an increase in unemployment rate as the country looks to diversify its economy away from exporting Gold and Iron ore.