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Australia's jobless rate hits 12-year high of 6.4%

Australia's the unemployment rate spikes to a 12-year high of 6.4% in JulyAustralia’s unemployment rate spiked to a 12-year high of 6.4 percent in July, data showed Thursday, lowering expectations of a near-term hike in interest rates as the economy shows signs of weakness. The surprise jump in the jobless rate, which was up from the decade-high of 6.0 percent in June, saw 300 positions lost from the economy, the Australian Bureau of Statistics figures showed. The participation rate, which measures the proportion of adults in work or looking for it, lifted by 0.1 percentage points to 64.8 percent. The latest data also meant Australia’s jobless rate was above the United States’ for the first time since 2007.

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