Australian July 2022 labour market report.
A big miss on headline jobs added but a beat on the jobless rate. Participation rate decline lower helps explain this.
The part-time number is +46K
- Unemployment rate lowest since September 1974
- Underemployment 6.0% (6.1% was the prior read)
- Underutilisation rate 9.4% (lowest since April 1982)
- Hours worked -0.8% from June
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The horror headline on jobs subtraction will be offset by the happy headline on a declining jobless rate. yes, we know its because of the pullback in participation and its not really good news, but headlines are headlines and they often rule market response initially.