off-the-wire

Australia unemployment hits 2-year high as jobs growth sputters

Kitco Media
By Reuters
Published:
Updated:
Reuters

SYDNEY, Feb 15 (Reuters) - Australian employment was surprisingly weak in January, while the jobless rate climbed to a two-year high in another sign the labour market was loosening in the face of a slowing economy and subdued consumer demand.

Figures from the Australian Bureau of Statistics on Thursday showed net employment rose just 500 in January from December, when it dived 62,800. Market forecasts had been for an increase of around 30,000, though the series has been very volatile in recent months.

Full-time employment added 11,100 in January, after sliding the month before. The jobless rate rose to 4.1%, topping forecasts of 4.0% and the highest since January 2022. The participation rate held at 66.8%, while hours worked fell a sharp 2.5%.

Reporting by Wayne Cole; Editing by Muralikumar Anantharaman

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