Australia's June Unemployment Rate rose to the highest level since October 2003, but also rose to a rate just shy of that which was expected, 5.8% vs 5.9%. The month prior saw the figure come in at only 5.7%. During this period the level of full-time employment dropped by 21,900 jobs, adding to the negatively revised 32,900 lost in the month prior. Expectation deviation may have come as a result of the dwindling level of the public participating in the jobs market. June saw this rate decline to only 65.3%, the lowest since January as workers lost hope searching for work.Additional labor market weakness comes just days after the Reserve Bank of Australia said it would consider easing its policy rate after four straight meetings of holding it steady. Governor Stevens' stance came on forecasts that the "outlook for further inflation allows some scope for further easing of monetary policy, if needed," the RBA statement said.
