Unemployment rate hits 12-year high in July

By Elizabeth Redman and Callam Pickering

The unemployment rate has lifted against expectations of no change in July, according to data from the Australian Bureau of Statistics, reaching its highest level since June 2002.

An AAP survey of 15 economists tipped the jobless rate would stay steady at 6 per cent and predicted the number of people with jobs would rise by 12,000.

The unemployment rate rose to 6. 4 per cent in the month, compared with 6 per cent in June.

The participation rate edged up to 64. 8 per cent in the month, compared with 64. 7 per cent in June.

The total number of jobs in Australia fell by 300 to 11. 5766 million in the month on a seasonally adjusted basis, compared to a downwardly revised 11. 5769 million in June.

Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.

Along with Robert Gottliebsen and Stephen Bartholomeusz, Alan also founded Business Spectator, the popular business news and commentary website.

The Australian unemployment rate is now higher than the US employment rate, which is at 6. 2 per cent.

Read more here: Business Spectator


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