Australia: The labor market sheds some jobs in July
Seasonally-adjusted employment decreased by 3,900 in July compared to the previous month, following the revised 58,200 jobs created in June (previously reported: +50,900 jobs) and undershooting analysts’ expectations for a gain of 15,000. July’s reading was driven by a reduction of part-time workers, while the number of full-time workers increased.
Seasonally-adjusted unemployment inched down from June’s 5.4% to a near six-year low of 5.3% in July. Meanwhile, the trend participation rate edged down from 65.7% in June to 65.5%—although still close to a record high—as more women left the labor force. Recently released data on wage growth until May shows that the pace of growth in salaries, although still unremarkable, is slowly gaining strength, thanks to strong demand for labor.