Australia's unemployment rate unexpectedly declines to 6.8%

[SYDNEY] Australia's jobless rate unexpectedly declined from a 22-year high in August to 6.8 per cent as employment surged past all expectations, though the increase was largely led by part-time work.

Figures from the Australian Bureau of Statistics (ABS) showed employment skyrocketed by 111,000 in August, after an equally impressive gain in July. Economists polled by Reuters were predicting a fall of 50,000.

The unexpected jump helped push the unemployment rate down to 6.8 per cent from a 22-year high of 7.5 per cent in August when analysts were looking for an increase to 7.7 per cent.

REUTERS