Australian Jobs Growth Surges In August

David Washington                          @davidwashingto2

David Washington @davidwashingto2

Australia's unemployment rate has remained unchanged, but official figures show that the economy added far more jobs than expected in August, sending the Australian dollar back above 80 USA cents.

The number of full-time jobs rose by 40,100, following a revised drop of 19,800 the month before.

The level of job creation was more than three times higher than what was expected by most economists, pushing the Australian dollar back above 80 U.S. cents upon its 11:30am (AEST) release.

In a further positive sign for the jobs market, the participation rate - which measures those in work and looking for it - increased to 68 per cent.

That was more than triple the rate forecast by economists.

The performance is the best for the state since November 2012, when the jobless rate was recorded as 5.4 per cent.

Nationally, the seasonally adjusted unemployment rate was steady at 5.6 per cent.

On a seasonally-adjusted basis, the quarterly underemployment rate has eased from a record high of 8.9 per cent in February to 8.6 per cent in August.

"Full-time employment has now increased by around 253,000 persons since August 2016, and makes up the majority of the 307,000 person increase in employment over the period", he wrote in the report.

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