Australian job market adds 39,500 jobs in August as unemployment climbs to five-year high

Data from the Australian Bureau of Statistics show that August saw a net gain of 39,500 jobs, reversing a 15,800-job decline in July and exceeding market expectations. Despite the overall increase, full-time positions decreased by 6,300. The labor participation rate rose to 67.1%, pushing the unemployment rate to 4.6%, the highest level since late 2021. Hours worked grew by 0.7%, while the underemployment rate fell to 6.2%. These mixed signals suggest a recovery in job numbers but lingering pressure on the labor market.