ONLY CHARTS #372
Aus labour market, Aus NAB survey, Aus new home sales
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Just when analysing Australia’s monthly labour force data was getting boring, along comes a report like today’s that was much weaker than expected.
Our assessment is that the signals in today’s labour force report are part signal and part noise.
Measured employment in Australia rose just +2k m/m in June, resulting in a fall in the employment-to-population ratio to 64.16%. In contrast, the participation rate rose to 67.05%.
This resulted in the unemployment rate rising +0.2ppts to 4.32% in June - the highest since November 2021.
2. The unemployment rate for 15-64 year olds in Australia jumped a cumulative +0.4ppts over May and June.
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