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Australia Unemployment June 2019

Australia: Softest job addition in close to one year in June

Seasonally-adjusted employment increased by a meagre 500 in June from the previous month, following the revised 45,300 jobs added in May (previously reported: +42,300 jobs). June’s reading was driven by a rise in full-time workers which more than offset a decrease in part-time workers. The release confirms the Reserve Bank of Australia’s view that labor market conditions have eased.

Seasonally-adjusted unemployment remained stable at 5.2% for the third month running in June, matching analysts’ expectations. However, the seasonally-adjusted underemployment rate dropped from the previous month’s 8.6% to 8.2% in June, while the seasonally-adjusted participation rate was stable at a record-high of 66.0%.

Markets reacted by driving the Australian dollar up, as the overall picture was not downbeat enough to confirm expectations that the Reserve Bank of Australia will cut interest rates again at its next monetary policy meeting in August.

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