Unemployment hits post-COVID high at 4.6% despite job gains
Australia's unemployment rose to 4.6% in August, the highest rate since the COVID pandemic, even as 39,000 jobs were added.
Australia's unemployment rate climbed to 4.6% in August, the highest level since COVID ended, surprising economists who expected it to hold steady. The jobless rate rose from 4.5% in July, even though 39,000 people found work during the month.
Part-time employment grew by 46,000 while full-time jobs fell by 6,000, a shift showing weakness in permanent positions. The participation rate reached 67.1%, near its record high, meaning more Australians are working or looking for work.
The Reserve Bank is watching closely as it considers whether to raise interest rates next week. Unions have called on the RBA to hold off on further hikes, arguing the unemployment rise shows the job market is softening and some workers are already under pressure.
- 4.6%
- Unemployment rate
- August
- Month
- 39,000
- Jobs added
- 67.1%
- Labour force participation
Why it mattersThe unemployment rise may influence the Reserve Bank's decision on interest rates next week, which could affect household budgets and mortgage payments.
Corroborated byabc.net.au
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