Categories: Economic News

Australia’s economy sheds 40,900 jobs in July

The Australian economy lost 40,900 jobs in July, the Australian Bureau of Statistics said on Thursday, far short of forecasts calling for a 25,000 job gain after an increase of 88,400 jobs in June.

The unemployment rate still fell to 3.4 percent, beating expectations of 3.5 percent, which would have been unchanged from the previous month.

Last month, approximately 86,900 full-time jobs were lost and 46,000 part-time jobs were added.

The participation rate fell to 66.4 percent, defying forecasts of 66.8 percent, which would have been unchanged.

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