Data from the Australian Bureau of Statistics (ABS) showed Australia’s seasonally adjusted unemployment rate rising from 4.0% to 4.1% in June.
However, details of the report mostly pointed to the labor market strengthening for the month:
- Labor force participation rate improved from 66.8% to 66.9% as more workers looked for both part-time and full-time jobs
- Overall employment increased by 50.2K (10.0K expected, 39.5K previous)
- Full-time employment rose by 43.3K (41.3K previous) while part-time jobs shot up by 6.8K (-1.9K previous)
- The number of unemployed increased by 10K (-9K previous)
- Monthly hours worked in all jobs edged 1.4% higher
Link to Australian Labour Force Survey for June 2024
Bjorn Jarvis, ABS head of labour statistics, detailed that
“The employment-to-population ratio and participation rate both continue to be near their 2023 highs. This, along with the continued high level of job vacancies, suggests the labour market remains relatively tight, despite the unemployment rate being above 4.0 per cent since April.”
Jarvis also added that “In general, the employment growth has kept up with the fast growth in population”, and that “In trend terms, all indicators still point to a tight labour market, although it is less tight than in early 2023.”
Link to ABS’ July Media Release
Market Reactions
Australian Dollar vs. Major Currencies: 5-min
Overlay of AUD vs. Major Currencies Chart by TradingView
The Australian dollar, which was trading in ranges against its counterparts save for the Japanese yen, shot higher at the report’s release before making ranges above its pre-jobs report levels.
It remains in green territory across the board hours into the Asian session open.