The data is here, a large drop in full time employment makes the report even worse then the sad headlines:
But, the ABS have noted a warning on this data:
- “July includes the school holidays, and we continue to see some changes around when people take their leave and start or leave a job. It’s important to consider this when looking at month-to-month changes, compared with the usual seasonal pattern. The only other fall in employment in 2023 was in April, which also included school holidays."
I am always wary of officials trying to explain away bad news. And there is more of the same:
- “While unemployment increased by 36,000 people in July, to 541,000, it was still around 172,000 lower than before the pandemic.”
Regardless, AUD/USD lower:
