MNI BRIEF: Aussie Employment Lower Over August

Australia added 5,400 jobs in August, well short of the 21,000 expected, while the unemployment rate held steady at 4.2%, Australian Bureau of Statistics data showed Thursday.

The employment-to-population ratio slipped 0.1 point to 64.0%. Full-time employment fell by 41,000, partly offset by a 36,000 rise in part-time jobs. Female full-time employment declined by 30,000 and male full-time by 11,000, while part-time roles rose 18,000 for women and 17,000 for men.

Hours worked fell 0.4% in August, “supported by less people working full-time hours this month,” said Sean Crick, head of labour statistics at the ABS.

The Reserve Bank of Australia expects unemployment to rise to 4.3% by December. (See MNI RBA WATCH: Bullock Points Toward Further Cuts)