Aussie Miracle Waning

The miracle of positive GDP and strong retail sales may be waning as the broader global slowdown continues to impact the Australian labor market (though to a lesser degree than expected).

RTT News reports:

Unemployment in Australia increased in June, but the figures were not as bad as most economists expected.

The Australian Bureau of Statistics reported Thursday that the unemployment rate rose 0.1 percent from the month before to 5.8 percent, the highest level since October 2003.

Most economists had forecast a jobless rate of 5.9 percent.

The number of employed Australians decreased by 21,400 in June, also short of economists' predictions of a loss of 25,000. Full time employment declined 21,900 to 7,61 million, from the May number of 7.63 million.

The number of Australians working part time rose by just 400 to 3.15 million.

Australia's workforce participation rate, which measures the proportion of working age people with jobs or actively seeking work fell a seasonally adjusted 65.3 percent in June from 65.4 percent in May.

Source: ABS.GOV