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The unemployment rate held steady over July, indicating that Australian businesses are riding out the economic downturn without having to resort to heavy job cuts.
According to figures released by the Australian Bureau of Statistics (ABS) today the unemployment rate did not change from June’s 5.8 per cent, seasonally adjusted – news that may further reinforce that our economy could be stronger than originally anticipated.
Only 16,000 full time jobs were lost in July, with 10,793,600 now in the workforce. However part time employment increased by 48,200 to 3,203,200, the ABS said.
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