Australia's Jobless Rate Hits Near Five-Year High

The Australian jobless rate has hit its highest level in nearly five years, rising to 4.5% in July.

This unexpected fall in employment and increase in unemployment rate will ease pressure on the Reserve Bank of Australia (RBA) to raise interest rates.

Despite forecasts for a rise of 15,000 jobs, net employment fell by 15,800 in July from June, when it jumped a revised 80,300. Full-time jobs did increase by 16,300.

The participation rate eased to 66.9%, while hours worked dropped 0.6%. Underemployment held steady at 6.4%.