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Australia Unemployment Rate Jumps To 7.1% In May

The jobless rate in Australia came in at a seasonally adjusted 7.1 percent in May, the Australian Bureau of Statistics said on Thursday - missing forecasts for 7.0 percent and up from the upwardly revised 6.4 percent in April (originally 6.2 percent).

The Australian economy shed 227,700 jobs last month - again missing estimates for a decline of 125,000 following the loss of 594,300 in the previous month.

The participation rate fell to 62.9 percent, missing expectations for 63.7 percent and down from 63.5 percent a month earlier.

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