Australian Jobless Rate Hits Near 5-Year High Amid Cooling Labor Market

Australia's jobless rate rose to its highest point in nearly five years at 4.5% in July, according to data from the Australian Bureau of Statistics.

The employment-to-population ratio also decreased 0.2 percentage points to 63.9%, while net employment fell by 15,800 in July compared to June.

This unexpected decline in employment has added to signs of a cooling labor market and may ease pressure for another interest rate hike from the Reserve Bank of Australia.