Unemployment rate in Australia rose to its highest level since 2009 amid a marked increase in the number of people looking for full-time jobs, the latest figures from the Australian Bureau of Statistics revealed Thursday.
While there was an increase in the number of employed, which was driven by a spike in part-time employees, the number of full-time workers fell.
The seasonally adjusted unemployment rate rose to 5.7 percent in June from a revised 5.6 percent in May, matching the level last seen in September 2009. The number of unemployed persons increased by 23,700 between May and June to 709,300.
"The June labour force survey in Australia delivered more of the same, confirming that the economy is slowing to below trend pace, with slack accumulating, but without an audible snap in firms' hiring behaviour," said Ban Jarman, an economist at JP Morgan Australia.
The statistical office said that the number of persons looking for full-time work increased by 16,900 from a month earlier to 525,900 in June and the number of persons searching for part-time work increased by 6,800 to 183,400.
Meanwhile,the number of employed individuals increased by 10,300 to 11.67 million. Economists had forecast a no change in the number of people employed after it declined by 700 in May.
However, the improvement masked the grim labor market conditions, where the number of full-time workers continued to drop. Data showed that full-time employment decreased by 4,400 from May while part-time employment increased by 14,800.
The Reserve Bank of Australia has cut the cash rate by a cumulative 200 basis points since the end of 2011 to support the economy amid an approaching peak in resources boom.
At this month's meeting, the central bank opted to keep the benchmark cash rate unchanged at a record-low of 2.75 percent for a second straight month, saying that the Australian dollar may slide further overtime and this could aid rebalancing of economic growth.
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