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Australia Unemployment July 2023

Australia: Unemployment rate rises in July

Seasonally-adjusted employment fell by 14,600 in July, driven by a decrease in full-time employment more than offsetting an increase in part-time employment. Meanwhile, the seasonally-adjusted unemployment rate rose to 3.7% in July from 3.5% in June, while the participation rate dipped to 66.7% from June’s 66.8%.

Taken together, the data suggests the labor market lost some steam at the outset of Q3. Looking ahead, our panelists see the unemployment rate creeping up slightly further by the end of 2023 and into 2024 on the back of tighter monetary policy.

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