Knowledge from the Australian Bureau of Statistics (ABS) confirmed Australia’s seasonally adjusted unemployment fee elevated from 4.1% to 4.2% in July. That’s the best since February 2022!

Nevertheless, parts of the report truly level to a stronger labor marketplace for the month:

• A internet of 58.2K jobs had been added (vs. 20.2K anticipated) and June’s internet additions had been revised greater from 50.2K to 52.3K
• The labor power participation fee jumped from 66.90% to a document excessive of 67.10%
• Full-time employment rose by 60.5K whereas part-time jobs decreased by 2.3K
• Month-to-month hours labored for all jobs elevated by 0.2% m/m greater from June

Hyperlink to Australian Labour Power Survey for July 2024

Kate Lamb, ABS head of labour statistics, detailed:

“Though the unemployment fee elevated by 0.1 share level in every of the previous two months, the document excessive participation fee and close to document excessive employment-to-population ratio reveals that there continues to be a excessive variety of folks in jobs, and in search of and discovering jobs.”

The employment-to-population ratio additionally edged 0.1% greater to 64.3%, indicating that employment progress grew sooner than inhabitants progress.

Hyperlink to ABS’ August media launch

Market Reactions

Australian Greenback vs. Main Currencies: 5-min

Overlay of AUD vs. Main Currencies Chart by TradingView

The Australian greenback, which began edging decrease at the beginning of the day, noticed sharp and broad-based features on the report’s launch.

The Aussie is holding on to its features two hours after the employment information releases. It’s seeing probably the most features in opposition to protected havens just like the U.S. greenback, Japanese yen, and Swiss franc and continues to be within the inexperienced in opposition to fellow “threat” currencies just like the British pound and the Canadian and New Zealand {dollars}.