Australian Unemployment Unexpectedly Falls, Lifting Currency
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Australia’s jobless rate unexpectedly declined in August on signs employers in mining states are still hiring workers, boosting the local currency after a three-day slide.
The unemployment rate fell to 5.1 percent from 5.2 percent in July, the statistics bureau said in Sydney today. The median estimate in a Bloomberg News survey of 23 economists was for a rise to 5.3 percent. The participation rate slumped to the lowest level in more than five years, a sign job seekers exited the labor force. The number of people employed dropped by 8,800, compared with economists’ forecast for an increase of 5,000.