Australia July Jobless Rate Falls to Near 6-Year Low of 5.3%



Australia's seasonally adjusted unemployment rate unexpectedly inched lower to 5.3 percent in July of 2018 from 5.4 percent in the prior month and below market consensus of 5.4 percent. It was the lowest jobless rate since November 2012, as the economy lost 3,900 jobs and the number of unemployed declined by 5,700.

In July, the number of unemployed fell by 5,700 to 706,000, as people looking for only part-time work decreased by 8,000 to 201,900, while those looking for full-time work increased by 2,300 to 504,100.

Employment declined by 3,900 to 12,575,200, missing estimates of an increase of 15,000 and marking the first drop since February. Part-time employment decreased by 23,200 to 3,987,700 while full-time employment went up by 19,300 to 8,587,500.

The labor force participation rate decreased by 0.1 points from a month earlier to 65.5 percent while markets estimated 65.7 percent. Meantime, the employment to population ratio went down by 0.1 percentage points to 62.1 percent.

Seasonally adjusted monthly hours worked in all jobs increased by 4 million hours, or 0.2 percent, to 1,749.6 million hours.

Australia July Jobless Rate Falls to Near 6-Year Low of 5.3%


ABS l Rida | rida@tradingeconomics.com
8/16/2018 2:27:22 AM