Australian unemployment rises as job gains slow in April

After two months of gains, the Australian economy shed 2,900 jobs in April, bringing the total number of employed people to 11.7 million in April. The unemployment rate rose to a seasonally adjusted 6.2% from 6.1% March, which was in line with expectations.

Economists expected between a 3,000 to 5,000 gain in jobs. There was a fall of 21,900 in full-time employment and a 19,000 rise in part-time employment.
March employment however was revised up to show a gain of 48,200, and that followed a 38,000 rise in February. Year to April, 177,600 net new jobs were created while the labor force expanded by 230,900.

The participation rate, which refers to the number of people either employed or are actively looking for work, was steady at 64.8%.

The Australian dollar initially dipped on the headline miss but quickly recovered back to $0.7960.

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