Australian employment report for July
Employment Change: 114.7K, a solid beat
expected +30K, prior +228.4K, revised from +210.8K
Unemployment Rate: 7.5%, and also for a beat
expected 7.8%, prior 7.4%
Full Time Employment Change: 43.5K
prior was -23.6K, revised from -38.1K
Part Time Employment Change: 71.2K
prior was +252K, revised from +249K
Participation Rate: 64.7% higher than expected which adds shine to the unemployment beat
expected 64.4%, prior was 64.1%, revised from 64.0%
More:
- hours worked up 1.3%
Encouraging numbers in July. There are cautions, employment remains more than half a million below the peak it hit in February for example. But, yeah, its not going to get all sorted for some time to come. Still, a good result for July.
August will, of course, be more difficult as the harsh stage 4 lockdown in Melbourne trashes the economy in 20% of the country … again. To provide a brutal heads up … the July survey of the labour market was conducted prior to the lockdown in Vic.
