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Australia Jobless Rate Sinks To 6.1% In August

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The unemployment rate in Australia fell to a seasonally adjusted 6.1 percent in August, the Australian Bureau of Statistics said on Thursday.

That topped forecasts for a rate of 6.3 percent and was down from 6.4 percent in July.

The Australian economy added a whopping 121,000 jobs to 11,703,500 in August, shattering expectations for an increase of 15,000 jobs following the loss of 300 jobs in the previous month.

The increase in employment was driven by increased part-time employment for both males (up 65,400 persons) and females (up 41,300 persons).

The participation rate climbed to 65.2 percent, beating forecasts for 64.8 percent - which would have been unchanged from the July reading.

Aggregate hours worked series increased in August, up 0.1 million hours (less than 0.01 percent) to 1,609.5 million hours.

The seasonally adjusted number of people unemployed decreased by 33,500 to 755,100 in August.

The seasonally adjusted underemployment rate was 8.5 percent in August, an increase of 0.7 percentage points from May.

Combined with the unemployment rate, the latest seasonally adjusted estimate of total labor force underutilization was 14.6 percent in August, an increase of 1.0 percentage points from May.

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