AusBN – Australia’s unemployment rate jumped to 6.3% in July, which is around the highest it’s been in a decade.
The change has been attributed to the continuing decline in mining-led investment, while other business investment has also been weak.
It is in spite of 38,500 jobs being created in July, and the participation rate – defining the proportion of adults in work or looking for work – rising from 64.8% to 65.1%.
Ben Jarman, senior economist at JP Morgan, told AFP that 6.3% unemployment had appeared several times in the last 12 months.
He added: “We’re still in that range, though admittedly at the top end of it. It’s a bit of a disappointing result in that context.”
The release of this jobs data caused the Australian dollar to fall in value to 73.43 US cents.