Australia Unemployment June 2022

Australia

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.”

FocusEconomics panelists project the unemployment rate to average 4.3% in 2022, down 0.1 percentage points from last month’s estimate, and 4.6% in 2023.


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