MNI BRIEF: Aussie Labour Market Loosens

Australia’s seasonally adjusted unemployment rate rose 20 basis points to 4.5% in April, above expectations, while employment fell by 18,600 against forecasts for a 15,000 increase, according to data released Thursday by the Australian Bureau of Statistics.

The number of unemployed people seeking full-time work increased by 11,000, while those seeking part-time work rose by 22,000.

“Compared to what we usually see in April, more people remained unemployed this month,” said Sean Crick, head of labour statistics at the ABS. “Both full-time and part-time employment fell, by 11,000 and 8,000 people respectively.”

The underemployment rate fell 0.1 percentage points to 5.8% in April. “Despite the fall in employment this month, hours worked rose by 15.8 million hours,” Crick said. “This meant that hours worked per person rose by 0.9% in April.”

The Reserve Bank of Australia expects unemployment at 4.3% by December. (See MNI RBA WATCH: 8-1 To Hike; Inflation-Growth Equation Worsens)