Australia's unemployment rate fell to its lowest level in nearly six years in July, the Australian newspaper reported. While the number of full-time employment increased significantly, it was still offset by a decrease in part-time employment.
Unemployment fell to 5.3 percent in July, down from 5.4 percent in June and the lowest level since November 2012.
Previously, economists had predicted that Australia's unemployment rate in July would remain unchanged.
Employment in Australia fell by 3900, different from the forecast growth of 15,000, according to (ABS), the Australian statistics bureau, released on Thursday. Of these, the number of full-time jobs increased by 19,299, while the number of part-time jobs fell by 23,199.
On a seasonally adjusted basis, Australia's labour force participation rate fell from 65.7 percent in June to 65.5 percent in July, the Bureau said, lower than the unchanging results widely expected.
Australia's unemployment rate has been around 5.5% for more than a year. After a year of job creation, the pace of job creation slowed in 2018, curbing the fall in unemployment.
Business surveys have pointed out that companies face a deterioration in the environment, thus slowing hiring.
Strong population growth and increased job market participation, especially as more women enter the job market, are also contributing to greater competition and higher unemployment.
The (Reserve Bank of Australia) forecast last week that unemployment would gradually fall to 5 percent by the end of 2020.
Interest rates remain low as the job market remains heavily vacant and wages growth and inflation remain lacklustre. Economists predict low interest rates could last until 2020.