Australia's unemployment rise in September to 6.1%

Unemployment rate in Australia notched up in September; however the Australian Bureau of Statistics revised its August and July figures to a lower jobless rate than previously reported. The labour market weakened last month as a net 29,700 jobs were lost compared with a forecasted 15,500 gain. The number of people in full-time work increased by 21,600 in September, while those in part-time work declined by 51,300, it added. The workforce participation rate dropped to 64.5% in September compared with 64.7% in August. Economists, however, had expected a rise in the participation rate to 64.8%. The statistics bureau said it had revised the jobs numbers for July and August as it believed the figures were unreliable. Earlier, it had reported a record 121,000 jobs were added in August, but revised its figure down to just 32,100. The unemployment rate in July and August was revised to 6.0% for both months, down from 6.1% and 6.4% previously reported. The decision to revise the data was triggered by Australia's top central banker, as he expressed doubts about the figures, and criticism from economists, who claimed the data looked suspect due to high volatility. 

The IMF is predicting an unemployment rate of 6.2% this year and 6.1% next year. However, the IMF's outlook was based on ABS data; therefore, the IMF's data may also have to be revised.