The Australian Bureau of Statistics has announced Australia’s August unemployment rate will remain at 3.7 per cent, in line with the updated figure in July.
Economists were predicting roughly 25000 jobs would be created during the month of August as Australia would need a high level of job creation to combat the country’s large numbers of migration and population growth.
With the nation’s population growth quickly growing, the unemployment and the number of jobs created each month would need to be high in order to push future unemployment rates down.
Australia’s unemployment has been close to 3.5 per cent for the last two years which is the lowest level since the end of 1974.
The expectations for future unemployment rates will still slowly rise towards the end of the year.