Home > Economic Indicators > Australia employment jumps 47,500 in Aug, jobless stays at 4.2%

Australia employment jumps 47,500 in Aug, jobless stays at 4.2%

2024/09/25 8

SYDNEY (Reuters) – Australian employment blew past forecasts for a third straight month in August, yet the jobless rate held steady as the workforce also expanded at a rapid rate, likely lessening the chance of rate cuts in the near term.

© Reuters. FILE PHOTO: A view outside Barangaroo Station on the new Sydney Metro line in Sydney, Australia, August 25, 2024. REUTERS/Tracey Nearmy/File photo

Figures from the Australian Bureau of Statistics on Thursday showed net employment jumped 47,500 in August from July, when they rose a downwardly revised 48,900. That was well above market forecasts for a 25,000 rise, though all the gains were in part-time employment.

The jobless rate held at 4.2%, as expected, while the participation rate was steady at an all-time high of 67.1%, Hours worked rose 0.4%.

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