Coming up at 0130GMT, July 2019 labour market report

  • Employment Change: expected +14.0K, prior +0.5K
  • Unemployment Rate: 5.2% expected %, prior 5.2%
  • Full Time Employment Change: K prior was +21.1K
  • Part Time Employment Change: K prior was +20.6K
  • Participation Rate: % expected 66.0%, prior was 66.0%

Via CBA (in brief):

  • expect slightly higher employment growth than consensus, unchanged for the participation rate and unemployment rate
  • Leading indicators of employment suggest a reasonable level of jobs growth should continue.


  • Following zero employment growth in June, we expect a modest increase of 10k in July. However, if the participation rate stays around its record highs, this could see the unemployment rate rise to 5.3%.