Australia’s unemployment rate hits five-year high in August as more seek work

SYDNEY, Sept 24 (Reuters) Australian employment rose more than forecast in August but the unemployment rate still hit a five-year high as more people went looking for work, data showed ​on Thursday. The mixed report was not enough to shift already ‌firm market bets that the Reserve Bank of Australia would raise interest rates next week for the fourth time this year. Markets have priced in a 95% chance the policy rate will rise to 4.6%. The Australian dollar, however, slipped 0.2% to $0.7026, ‌a ​seven-week low after heavy losses overnight. Figures from ⁠the Australian Bureau of Statistics ⁠showed net employment rose 39,500 in August from July, when it fell 15,800. That was above market forecasts for a 20,000 increase, though full-time jobs dipped 6,300. The jobless rate rose to 4.6%, above ​forecasts for a steady 4.5% and the highest level since late 2021, as the participation rate climbed to 67.1%, up 0.2 percentage ⁠point. Hours worked rose 0.7%. This August ⁠we recorded a higher