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.