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Australia Unemployment August 2023

Australia: Unemployment rate stable in August

Seasonally-adjusted employment rose by 64,900 in August, driven by increases in both full-time and part-time employment. Meanwhile, the seasonally-adjusted unemployment rate was steady at July’s 3.7% in August, while the participation rate ticked up to 67.0% from July’s 66.9%.

The data shows that the labor market gained steam following July’s weakening. Looking ahead, our panelists see the unemployment rate creeping up slightly by the end of 2023 and into 2024 on the back of tighter monetary policy.

Commenting on the release, Robert Carnell, analyst at ING, stated:

“Although almost all of these were part-time jobs (62,100), such jobs have a habit of becoming full-time in the months ahead, which will also imply higher wages, greater job security, and better benefits – all things that usually go hand in hand with consumer confidence and stronger consumer spending.”

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