Australian Employment report for July
Employment Change +41.1K - huge beat
- expected +14.0K, prior +0.5K
Unemployment Rate 5.2%
- expected 5.2%, prior 5.2%
Full Time Employment Change 34.5K
- prior +21.1K
Part Time Employment Change 6.7K
- prior +20.6K
Participation Rate 66.1%
- expected 66.0%, prior was 66.0%
The above are the data the market responds to immediately, especially the bolded two headlines.
There is also the 'trend' data, a move higher in the jobless rate here is a detraction from the beat in the seasonally adjusted employment growth number (above).
- trend unemployment rate 5.3 per cent, from 5.2 per cent in June
- trend participation rate increased further to 66.1 per cent
- trend monthly employment increased by around 24,600
- Full-time employment increased by 15,100
- part-time employment increased by 9,600
- Over the past year, trend employment increased by 339,200 persons (2.7 per cent) which was above the average annual growth over the past 20 years (2.0 per cent).
- trend monthly hours worked increased by less than 0.1 per cent in July 2019 and by 1.8 per cent over the past year. This was slightly above the 20 year average year-on-year growth of 1.7 per cent
- The trend monthly underemployment rate remained steady at 8.4 per cent in July with no changes over the past year.
- The trend underutilisation rate decreased by 0.1 percentage points over the year.