Workers carry barriers as they wait to cross a street at a set of traffic lights with pedestrians at sunset in central Newcastle, located north of Sydney, Australia, Aug 13, 2018. REUTERS/David Gray
SYDNEY – Australian employment was surprisingly weak in January, while the jobless rate climbed to a two-year high in another sign the labor 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.
READ: Australia employment surges in Nov, jobless rate hit 1-1/2 year high
Full-time employment added 11,100 in January, after sliding the month before. The jobless rate rose to 4.1 percent, topping forecasts of 4 percent and the highest since January 2022. The participation rate held at 66.8 percent, while hours worked fell a sharp 2.5 percent.