Australia Economy Sheds 40,900 Jobs In July

The Australian economy lost 40,900 jobs in July, the Australian Bureau of Statistics said on Thursday - well shy of forecasts that called for an addition of 25,000 jobs following the gain of 88,400 jobs in June.

The jobless rate still fell to 3.4 percent, exceeding expectations for 3.5 percent - which would have been unchanged from the previous month.

Approximately 86,900 full-time jobs were lost and 46,000 part-time jobs were added last month.

The participation rate dropped to 66.4 percent - defying forecasts for 66.8 percent, which would have been unchanged.

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