The FINANCIAL — Australia’s unemployment rate rose to a lower-than-expected 6.0% in June from a downwardly revised 5.9% in May, according to Nasdaq.
Economists had expected an unemployment rate of 6.1% in June.
The number of people employed rose by 7,300, compared with expectations that the number would remain flat, the Australian Bureau of Statistics said on July 9.
The number of people in full-time work rose by 24,500 in June, while those in part-time work fell by 17,200.
The bureau said its seasonally adjusted workforce participation rate, or the proportion of working-age people at work or actively seeking work, rose to 64.8% in June from 64.7% in May and a consensus expectation of 64.7%.
Australia’s economy is growing sluggishly, pummeled by a high currency, falling commodity prices and the end of a decadelong mining investment boom. The country’s central bank has lowered interest rate twice this year to support growth, to a record-low 2%.
Unemployment has risen as the economy has slowed. the Reserve Bank of Australia expects the unemployment to nudge higher in the next year.
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