Economics
Australia's `Smoking Gun' Unemployment Sets Up Another Rate Cut
- Economy added 34,700 roles last month, all of them part-time
- Underemployment and underutilization rates both edge higher
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Australia’s jobless rate unexpectedly climbed in August as the labor force swelled to a fresh record, signaling additional labor-market slack that sets the scene for further easing by the central bank.
Unemployment climbed to 5.3%, the highest level in a year, and above the 5.2% forecast by economists, data from the statistics bureau showed in Sydney Thursday. The 34,700 increase in jobs for the month was swamped by the seemingly inexorable rise in the participation rate to 66.2%.