Australia: Pace of job creation hits a seven-month high in June
Seasonally-adjusted employment increased by 50,900 in June compared to the prior month, following the revised 13,400 jobs created in May (previously reported: +12,000 jobs) and easily overshooting analysts’ expectations of much softer job growth. June’s reading was mainly driven by more full-time workers, although the number of part-time workers also increased.
The seasonally-adjusted unemployment rate remained unchanged at May’s seven-month low of 5.4% in June. Moreover, the trend participation rate edged up to 65.7%, close to record highs, as more women entered the labor force. Given that the strong demand for labor is being met by a growing supply, still-moderate wage growth is expected in the months ahead.