AUSTRALIAN UNEMPLOYMENT RATE UP TO 6%, BUT JOB CREATION CRUSHES EXPECTATIONS

Getty/ Lisa Maree Williams

The Australian jobs report for June is out, and it’s a beat on expectations.

The economy added 15,900 jobs last month. The median market expectation from surveys of economists was 12,000.

The unemployment rate ticked up to 6%.

Full-time jobs fell 3,800 but part-time jobs rose 19,700. The participation rate was 64.7%.

But this is still a good result overall, and continues the momentum seen in core economic data from the first quarter of the year.

Weak consumer confidence triggered by concerns around the hip-pocket impact of the federal budget has been a concern over the past two months.

Continuing creation of jobs will act as a natural antidote.

More to come…

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