Australia Sheds 5,400 Jobs in August as Unemployment Holds at 4.2%
A dip in participation kept the jobless rate steady.
Overview
- Total employment fell by 5,400 from July, according to the August figures.
- The participation rate slipped to 66.8% from 67.0%, reducing the number of people counted in the labour force.
- Fewer people looking for work offset the job losses in the unemployment calculation.
- AUD/USD weakened after the release as traders reacted to the softer jobs print.
- Economists and the Reserve Bank of Australia are watching whether the participation decline signals early softening in labour demand.