Australian Unemployment Rate Climbs as More Join Search for Work

Australia’s economy added jobs in December, although not enough to prevent the unemployment rate edging up as participation in the workforce increased, Bloomberg News reported. December’s data caps a volatile year for Australian jobs, as declining participation for much of 2016 signaled more spare capacity than improved hiring figures suggested. There is some cause for optimism as participation picked up and full-time roles climbed toward the end of the year. Still, the central bank continues to cite uncertainty over the labor market as a key concern in its outlook for economic growth and inflation. Read more.