Unemployment in Australia
Australia - Unemployment
Despite a surge in job creation, unemployment rate remains unchanged in July
Seasonally-adjusted employment rose by 41,100 in July, contrasting a revised 2,300 jobs slashed in June (previously reported: +500). July’s result came in well above the expectations of most market analysts and was largely driven by a jump in full-time employment, while gains in part-time employment were more moderate.
Seasonally-adjusted unemployment remained stable at 5.2% for the fourth consecutive month in July suggesting that a jump in employment was largely offset by increasing supply of labor. As such, the seasonally-adjusted participation rate ticked up to a fresh all-time high of 66.1%. Meanwhile, the seasonally-adjusted underemployment rate rose to 8.4% in July, from 8.2% in June.
July’s labor market data confirms expectations that the Reserve Bank of Australia will likely resume its monetary policy easing cycle at its next meeting in September, as labor market slack continues to put downward pressure on wages and inflation.
FocusEconomics panelists expect the unemployment rate to average 5.2% in 2019, up 0.1 percentage points from last month’s estimate, and also 5.2% in 2020.
Australia - Unemployment Data
5 years of economic forecasts for more than 30 economic indicators.
Australia Unemployment Chart
Source: Australia Bureau of Statistics and FocusEconomics calculations.
|Bond Yield||1.19||1.47 %||Jul 31|
|Exchange Rate||0.69||0.05 %||Jul 31|
|Stock Market||6,897||0.08 %||Jul 31|
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August 15, 2019
Seasonally-adjusted employment rose by 41,100 in July, contrasting a revised 2,300 jobs slashed in June (previously reported: +500).
August 14, 2019
The Westpac-Melbourne Institute consumer sentiment index rebounded from a 23-month low of 96.5 in July to 100.0 in June.
August 13, 2019
The business confidence index produced by National Australia Bank (NAB) rose to plus 4.0 points in July from June’s 2.2 points.
August 6, 2019
At its 6 August monetary policy meeting, the Reserve Bank of Australia (RBA) kept the cash rate unchanged at an all-time low of 1.00%.
August 2, 2019
Nominal retail sales in June rose a healthy 0.4% over the previous month in seasonally-adjusted terms, accelerating from May’s subdued 0.1% uptick.