Australia adds whopping 44,000 jobs in August, a big beat on expectations

Australia adds whopping 44,000 jobs in August, a big beat on expectations

Australia adds whopping 44,000 jobs in August, a big beat on expectations

Roy Morgan has refuted the Australian Bureau of Statistics unemployment results, asserting "real" unemployment notched 11% in August, nearly twice the announced 5.3%.

Employment growth in August was twice as high as expected, keeping the nation's unemployment rate steady at 5.3 per cent for the second month in a row.

The participation rate ticked up to 65.7 percent, beating forecasts for 65.6 percent and up from 65.5 percent in the previous month.

The rustbelt state of South Australia shed the most positions, down 8,400; unemployment rose the most in the mining hub of Western Australia, to 6.4 per cent from 6 per cent.

August's increase left the total number of employed persons at 12.631 million, a new record high.

Annual jobs growth of 2.5 percent was well ahead of the USA pace of job creation of 1.6 percent.

Unemployment decreased 2,700 to 711,900.

That left the underutilisation rate - a sum of underemployment plus the unemployment rate - down 0.4 percentage at 13.4%.

Australia adds whopping 44,000 jobs in August, a big beat on expectations

Employment increased 44,000 to 12,631,300. "Almost 350,000 net part-time jobs were created over the last three years compared to a net increase of under 20,000 full-time jobs".

Unemployment increased 5,800 to 708,800.

"The ANZ labour market indicator, which incorporates ANZ jobs ads, and business and consumer survey measures, suggest that employment should continue to grow at an annual rate of around 2.5 percent, while the risks to the unemployment rate in the near term remain to the downside", added ANZ.

Participation rate increased by 0.2 pts to 65.7%.

Unemployment rate remained steady at 5.3%.

Monthly hours worked in all jobs increased 0.6 million hours (0.03%) to 1,750.9 million hours.

Significantly, the underemployment rate fell to 8.1 percent from May's 8.5 percent. This leaves the overall labor market underutilization at 13.4 percent.

The data provided only a brief fillip to the Australian dollar as an increase in the official cash rate to 1.75 percent is still seen as a distant prospect.

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