SYDNEY (Reuters) – Australian employment blew past forecasts for a third straight month in August, yet the jobless rate held steady as the workforce also expanded at a rapid rate, likely lessening the chance of rate cuts in the near term.

Figures from the Australian Bureau of Statistics on Thursday showed net employment jumped 47,500 in August from July, when they rose a downwardly revised 48,900. That was well above market forecasts for a 25,000 rise, though all the gains were in part-time employment.

The jobless rate held at 4.2%, as expected, while the participation rate was steady at an all-time high of 67.1%, Hours worked rose 0.4%.

(Reporting by Wayne Cole; Editing by Kim Coghill)