A sad report from Australia. Outsized fall in full time employment is not encouraging.

AUD/USD marked lower to under 0.6370.

The unemployment rate at 3.7% is still just off its nearly 5-decade low, but is back up at the level from May last year.

  • underutilization rate is 10.1%, another indication of weakness, back to March 2022 highs

The Reserve Bank of Australia next meet on September 5. This report pretty much locks in another on-hold cash rate decision. We do get the monthly inflation data before then, on 30 August, but unless it's a shocker the Bank is on hold.

Australia July 2023 jobs report

more to come