Economics
Australian Unemployment Spikes to 6% as Full-Time Jobs Slump
- Unemployment rate rises to highest since September 2015
- Australian dollar declined by one-third of a U.S. cent
Australia's January Unemployment Rate Jumps to 6%
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Australia’s unemployment rate unexpectedly climbed in January as full-time employment slumped by the most since 2013, reflecting waning stimulus from record-low interest rates and a weaker currency. The local dollar fell about one-third of a U.S. cent.
* Jobless rate rose to 6% from 5.8%; economists predicted 5.8%
* Employment fell 7,900 from December; economists forecast 13,000 gain
* Full-time jobs dropped 40,600; part-time employment gained 32,700
* Participation rate, a measure of labor force in proportion to the population, was unchanged at 65.2%, matching economists’ forecasts