Australia’s Jobless to Decade High at 6%

Australian employment posted a solid rise in June, beating forecasts, but that did not prevent the unemployment rate from matching a decade peak of 6.0 percent as more people went looking for work.

A net 15,900 jobs were created in June, topping market estimates of 12,000, data from the Australian Bureau of Statistics showed on Thursday. Full-time jobs dipped 3,800, but that followed a hefty gain in May.

The unemployment rate of 6.0 percent was a tick above forecasts and matched the January reading, which had been the highest in a decade.  That soured hopes that the jobless rate had peaked for this cycle.  “It’s a mixed bag. We’re still generating positive jobs numbers and that’s good, but equally we’ve hit the sticker-shock number of 6 percent,” said Michael Blythe, chief economist at Commonwealth Bank.


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