Australian employment report for June 2020
Employment Change: +210.8K, a big beat of the expected +100K, prior -227.7K
Unemployment Rate rising to 7.4% expected 7.3%, prior 7.1%
Full Time Employment Change: -38.1K prior was -101.9K
Part Time Employment Change: +249.0K prior was -162.3K
Participation Rate: 64.0%, more people looking for work, expected 63.3%, prior was 62.9%
The number of unemployed is now just under 1 million and its highest ever recorded since the survey began in 1978. The u/e rate is its highest since 1998.
- Underemployment reported at 11.7%, down 1.4%
- Hours worked +4.0% on the month, still under the level back in March prior to the virus hitting Australia hard.
The move higher for the jobless rate comes in conjunction with people rejoining the labour force, that is the participation rate rose - FWIW, which is not much when nearly 1 million are unemployed - this takes some of the sting out of the jump in rate at least for analyst purposes. Its of no worth to those without a job.
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AUD had a small spike but is back towards its session low. The range is small for the session.
