Australia July jobs data

Australia unemployment rate chart

Employment Change: K

  • expected -46.2K, prior +29.1K

Unemployment Rate: 4.6% (lowest since 2009)

  • expected 5.0%, prior 4.9%

Full-Time Employment Change: -4.2K

  • prior was +51.6K

Part-Time Employment Change: +2.0K

  • prior was -22.5K

Participation Rate: 66.0%

  • expected 66.0%, prior was 66.2%

Underemployment 8.3%

  • prior 7.9%

One caveat is that total hours worked fell by 0.2%, or by 3 million hours total. Economists at Westpac were forecasting jobs gains and correctly sussed out that it would be hours worked that would decline, not employment.

That's a big beat for Australia employment and the fall in unemployment to 4.6% is a huge surprise. There is a strong trend globally for countries shrugging off the effects of recent lockdowns but no one expected that to apply to a relatively-untouched place like Australia. Perhaps it has.

Initially, AUD/USD isn't exactly cheering the report. The pair ticked slightly higher but is back to pre-release levels at 0.7226.