Australia: Unemployment rate at all-time low in June
July 14, 2022
Seasonally-adjusted employment increased by 88,400 in June, following 60,600 jobs added in May. June’s result was driven by an increase in both full-time and part-time employment.
Meanwhile, the seasonally-adjusted unemployment rate fell to a record-low of 3.5% in June from at May’s 3.9%. Moreover, the participation rate rose to 66.8% from the previous month’s 66.7%, although the seasonally-adjusted underemployment rate rose to 6.1% in June from 5.7% in May.
Commenting on the release, Robert Carnell, regional head of research at ING, stated:
“The last rate decision by the RBA was a straight choice between a 25bp hike and a 50bp hike. They chose 50bp. But ahead of the forthcoming inflation figures, and with thoughts turning to a full percentage-point hike by the Federal Reserve later this month, the next meeting might well be a choice between 50bp and 75bp.”