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Company News

Australia's unemployment rate unexpectedly declines to 6.8%

SYDNEY, Sept 17 (Reuters) - Australia’s jobless rate unexpectedly declined from a 22-year high in August to 6.8% as employment surged past all expectations, though the increase was largely led by part-time work.

Figures from the Australian Bureau of Statistics (ABS) showed employment skyrocketed by 111,000 in August, after an equally impressive gain in July. Economists polled by Reuters were predicting a fall of 50,000.

The unexpected jump helped push the unemployment rate down to 6.8% from a 22-year high of 7.5% in August when analysts were looking for an increase to 7.7%. (Reporting by Swati Pandey; Editing by Shri Navaratnam)

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