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Australia unemployment rate rises to 4.5% in July
Australia's unemployment rate rose to 4.5% in July, its highest level since late 2021, according to data from the Australian Bureau of Statistics. The increase from June's 4.4% came as net employment unexpectedly fell by 15,800 jobs, missing market forecasts for growth.
The decline was driven entirely by the part-time sector, which saw a loss of 32,160 roles, while full-time employment actually increased by 16,300. This shift has caused concern in the construction industry, where leaders report significant workforce shortages and economic pressure.
Following the report, the Australian dollar weakened against the US dollar. While the Reserve Bank of Australia (RBA) recently held interest rates steady at 4.35%, Deputy Governor Andrew Hauser indicated that further rate hikes cannot be ruled out if inflation risks, such as Middle East conflicts or the global AI boom, persist. The RBA forecasts the unemployment rate could peak at 4.8% by 2028.
Entities
Andrew Hauser · Australia · Australian Bureau of Statistics · Jim Chalmers · Master Builders Australia · Reserve Bank of Australia · Westpac
Claims
What the coverage asserts, and how many sources carry each claim.
- [DISPUTED] Full-time employment increased by 16,300 during July. www.businesstimes.com.sg · investinglive.com
- [DISPUTED] Net employment fell by 15,800 in July, contrary to forecasts of an increase. www.businesstimes.com.sg · www.eeo.com.cn · www.finnewsnetwork.com.au · masterbuilders.com.au · www.sharecafe.com.au · +1 more
- [● 4 SOURCES] The Australian dollar weakened following the release of the employment data. www.businesstimes.com.sg · www.eeo.com.cn · www.finnewsnetwork.com.au
- [● 2 SOURCES] The construction sector is facing significant workforce shortages and economic pressure. www.europesays.com · masterbuilders.com.au
- [● 4 SOURCES] The Reserve Bank of Australia has not ruled out further interest rate hikes if inflation risks materialize. www.businesstimes.com.sg · bitcoinethereumnews.com · www.startupdaily.net · thenightly.com.au
- [● 2 SOURCES] The RBA forecasts the unemployment rate will peak at 4.8% in 2028. www.businesstimes.com.sg
- [● 7 SOURCES] Australia's unemployment rate rose to 4.5% in July, up from 4.4% in June. www.businesstimes.com.sg · www.eeo.com.cn · www.europesays.com · masterbuilders.com.au · investinglive.com · +1 more
- [● 2 SOURCES] The employment decline was driven entirely by a loss of 32,160 part-time roles. masterbuilders.com.au · investinglive.com