Dollar drops as July unemployment figures rise

Australia's unemployment rate rose to 5.1 per cent in July, official figures show as 22, 200 full time jobs were lost in the month.

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Australia's unemployment rate rose to 5.1 per cent in July, official figures show.

22,200 full time jobs were lost in the month but part time jobs were up 22,100.

The June unemployment figure was an unrevised 4.9 per cent.

The Australian dollar dropped almost one US cent after official figures were revealed.

The jobless rate is the worst it's been since November 2010.

The Australian dollar was trading at 102.11 US cents in the moments before the jobs data was released at 1130 AEST and immediately fell to 101.39 US cents.

By 1137 AEDT is had clawed back to 101.59 US cents.

The local dollar closed at 103.63 US cents on Wednesday, but was trading as high a 110 US cents last week before the recent market turmoil.

Total employment was steady at 11.450 million in the month of July.

The July participation rate was 65.6 per cent, steady with an unrevised 65.6 per cent in June.

The forecast was for total employment to have risen by 10,000 in July with unemployment steady at 4.9 per cent, according to the median of 13 economists surveyed by AAP.

The participation rate was forecast to be 65.6 per cent.


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Source: AAP


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