"Of the majority of the persons who were employed for the census, most already had another job, but worked more hours during the month".
- Jacqui Jones, ABS Labour and Income Branch
According to the Bureau of Statistics release, Australia's official unemployment rate has reached 5.6%, despite the forecasts of the 3,900 jobs loss last month. Australian employment, in turn, declined for the first time in seven months, although underlying that trend remains favorable as full-time jobs rebounded. The economy shed 3,900 jobs in August, compared with a revised gain of 25,300 in July. Also, the good news is that full-time employment added 11,500, while July's drop was revised to 43,400. Overall, Australia's labour market remains in decent health despite strong concerns about the economy's ability to hold a possible downturn following the end of the mining investment boom. Consistent jobs creation has painted a favorable picture of Australia's economy, which recently recorded its 21st consecutive quarter of economic expansion. Taking into account all the data as well as interest rates, employment should continue its gradual upward revision in the near future.
Meanwhile, the Australian dollar was down 0.2% at $0.7451 following the release of the jobs numbers, having gained 0.1% overnight.
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