AUSTRALIA SHED 3700 JOBS IN JANUARY, UNEMPLOYMENT RISES TO 6%

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The Australian economy shed 3700 jobs last month and the unemployment rate has risen to 6%.

It’s a disappointing number, following a reduction in 23,000 jobs in December, and with the market expecting an additional 15,000 jobs created in January.

The Aussie dollar fell half a cent against the greenback on the news – here’s the chart, via CommSec:

Dollar drop

Australia is expected to be shedding some jobs as the economy passes through a fall in mining investment, but this shows there may be some areas where jobs are being lost faster than predicted.

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