Australia: Unemployment drops further in July
Seasonally-adjusted employment rose by 2,200 in July, following 29,100 jobs added in June. July’s result was driven by an increase in part-time employment more than offsetting a decline in full-time employment.
Meanwhile, the seasonally-adjusted unemployment rate fell to 4.6% in July, from June’s 4.6%, logging the lowest reading since December 2008 and markedly down from the 7.5% peak reached in July 2020. However, the seasonally-adjusted underemployment rate rose from 7.9% in June to 8.3%. Moreover, the participation rate dropped to 66.0% from June’s 66.2%.