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Australia's jobless rate reaches 12-year high

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The jobless rate in Australia reaches a 12-year high.

Official figures show that the unemployment rate in Australia reached a 12-year high of 6.4 percent in the month of January.

The Australian Bureau of Statistics said on Thursday that the number of full-time employment had dropped by 28,100 last month.

“The decrease in employment was driven by decreased full-time employment for both males (down 26,000) and females (down 2,100),” the Australian bureau said.

The official data also showed that part-time employment was up by 15,900 in January.

Experts and economists had expected a fall of 5,000 jobs for January.

This is while last December when the jobless rate stood at 6.1 percent, the number of people without a job in Australia had increased by 12,200.

Last week, the Reserve Bank of Australia cut forecasts for economic growth and inflation for 2015, warning that unemployment would most likely jump as the economy has distanced itself from a mining investment boom.

The country’s jobless rate has been growing over the past two years. The total number of people registered as unemployed is 11.67 million.


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