Australia’s Unemployment Rate Peaks at 4-Year High of 5.8% in August
Australia logged a 5.8 per cent unemployment rate in August, up from 5.7 per cent in June and a four-year high record.
It means the total number of jobs in Australia went down to a seasonally adjusted 11.64 million for August from 11.65 million in July.
The 5.8 per cent joblessness rate reported by the Australian Bureau of Statistics is in line with projections by 11 economists polled by AAP.
The report said full-time employment went down 2,600 to 8.13 million in the eighth month of the year, while part-time employment dipped by a higher 6,200 to 3.51 million.
Economists said the unexpected high number of unemployment rate could lead the Reserve Bank of Australia to further reduce the overnight cash rate from its current record low of 2.25 per cent.
Analysts also forecast worse days to come as they anticipate the joblessness rate to further climb.
Gabby Hajj, analyst at Macquarie Research, said that based on the performance of the Aussie economy the past six month, within the next six months unemployment rate could go up higher than 6 per cent by the yearend, while Treasury believes it could even hit 6.25 per cent in June 2014.