Forex▼ Bearish
Australia Jobless Rate Hits 4.5%, Highest Since Late 2021
Employment fell 15,800 in July, the first drop in months, pushing the jobless rate to its highest since late 2021. Full-time roles rose; part-time drove the decline.
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Australia's unemployment rate climbed to 4.5% in July, the highest since November 2021, as employment unexpectedly fell by 15,800. The print missed the 4.4% consensus and adds to evidence that the labour market is loosening, though the decline was entirely in part-time roles while full-time jobs actually rose.
The Australian Bureau of Statistics data released Thursday showed the participation rate eased to 66.9% from 67.0%, and the employment-to-population ratio slipped 0.2 percentage points to 63.9%. Because the drop in participation partly offset the fall in employment, the unemployment rate only edged higher at the second decimal place, a detail that tempers the headline move.
June's gain was revised up to 80,200 from the initial 76,300 estimate, with a stronger full-time component. That upward revision matters: it means the labour market has been tighter over recent months than the single-month July print suggests.