Australian jobs report due today - preview

The Australian employment report for July is due at 0130GMT on Thursday 13 August 2020

• Employment Change: K expected +30K, prior +210.8K

• Unemployment Rate: % expected 7.8%, prior 7.4%

• Full Time Employment Change: K prior was -38.1K

• Part Time Employment Change: K prior was 249K

• Participation Rate: % expected 64.4%, prior was 64.0%

A few snippet previews:

RBC:

• The resumption of Stage 3 restrictions in Greater Melbourne from 8 July and the weakening in key partial indicators including the weekly payrolls data point to renewed labour shedding in the month. We look for headline employment to have fallen by ‐75k. A likely drop in participation will temper the rise in the unemployment rate but we still expect a modest move higher to 7.7%

ANZ:

• After the solid rebound in June, we expect that employment and monthly hours worked continued to improve in July, albeit at a slower pace. Underemployment may have continued to fall, as some businesses prioritised increasing workers' hours rather than hiring more staff. But the official unemployment rate likely continued to rise as participation also recovered.