Australia's Unemployment Rate Has Held Steady Because Job Seekers Are Giving Up

Photo: Getty/Joe Raedle

Australia’s unemployment rate held steady at 5.7% in July but the data is far from positive.

There were 10,200 fewer jobs in July, with jobs lost in both full-time and part-time categories.

Australia’s participation rate fell 0.2% to 65.1%, as the number of people looking for full-time work fell 7,100 to 520,000.

Today’s unemployment figure is within the market forecast of 5.5%-5.8%, but analysts say the data reflects a weakening economy.

There are more figures on the ABS website.

Now read: The Australian Government’s Downgraded Economic Forecasts Are Closer To Market Predictions

Follow Business Insider Australia on Facebook and Twitter

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 research.businessinsider.com.au.