Australia's unemployment rises to 4.5% in April after job losses
Australia's jobless rate climbed to 4.5% in April, the highest since late 2021.
The country actually lost 18,600 jobs instead of gaining the expected 15,000, which means about 33,000 more people are now looking for work.
Fewer Australians are participating in the workforce too, with the participation rate dipping slightly to 66.7%.
Full-time roles drop, RBA hikes unlikely
Most of these job losses came from full-time positions, down by 10,700 after a strong hiring month in March.
With fewer jobs and more competition for them, things are getting tougher for job seekers.
This weak labor data also makes it less likely that the Reserve Bank will hike interest rates again soon (it has already raised them three times this year to fight inflation).
Plus, fewer job ads and slower business hiring hint that Australia's economy is cooling off right now.