Australian unemployment just exploded higher, with 12,200 jobs lost in January

(Photo by Mark Dadswell/Getty Images)

Australia lost 12,200 jobs in January and the unemployment rate jumped to 6.4%.

It’s a huge miss. The market was expecting a slight increase of 5,000 jobs and an increase in the unemployment rate to 6.2%.

At the release the Australian dollar got smoked, dropping 60 points to .7658.

The ABS reported the number of people employed decreased by 12,200 to 11,668,700 in January.

The decrease in employment was driven by lower full-time employment for both males and females.

The seasonally adjusted labour force participation rate remained at 64.8 per cent in January 2015.

Here’s the chart.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at