Unemployment falls

There has been an unexpected improvement in Australia's unemployment rate.

Ahead of the release of today's official figures for June, forecasts had centred on an unchanged jobless rate of 4.3 per cent.

Instead it has come in at 4.2 per cent. In addition the February unemployment rate was revised down to 3.9 per cent, the lowest figures since the quarterly reading of 2.7 per cent in August 1974.

Earlier this month the Reserve Bank said it saw tentative signs of an easing in labour market conditions.

But after a drop in May, total employment in June has surged by 30,000.

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Thu 10th July 2008 - 12:39pm