Australia’s employment report for June will be released later on this morning. Having surprised with a bigger thank expected result in May, expectations are significantly lower heading into this release.
Here’s the state of play.
- In May employment increased by 42,038, smashing expectations for an increase of 15,000. 14,700 full time jobs were created, 27,338 part time.
- Total employment jumped to 11,759,600, a record-high. Unemployment dipped by 21,972.
- As a result of labour market participation falling 0.1% to 64.7%, the unemployment rate dropped to 6.0%. Without rounding, had unemployment been 0.01% lower, the national rate would have fallen to 5.9%.
- Youth unemployment fell 0.1% to 13.4%, the fourth month in a row that a decline had been recorded, with the rate well below the multi-year peak of 14.1% hit in January this year.
- Western Australia recorded the lowest unemployment rate across the country at 5.1%, thanks in part to an abnormally-large increase in female full time employment. South Australia recorded the highest rate at 7.6%.
- In June the median market forecast is for total employment to remain unchanged.
- The unemployment rate is tipped to increase by 0.1% to 6.1%.
Business Insider will have full coverage of the report once the data drops at 11.30am AEST.
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