ONLY CHARTS #387

Aus labour market, Aus net immigration, NZ housing prices, Aus average employee earnings

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1. Measured employment in Australia rose +24.5k m/m in July, resulting in a slight +0.03ppt rise in the employment-to-population ratio to 64.18%. The participation rate was also little changed, falling 0.02ppts to 67.02%.

The unemployment rate dipped slightly from 4.31% to 4.24% in July.

Bit of a nothingburger report for the RBA. As you were.

Stepping back, the unemployment rate has drifted gradually higher for three years now against a backdrop of little change in the share of the working-age population in work.

2. The unemployment rate for 15-64 year olds in Australia fell 0.2ppts to 4.3% in July after rising sharply over the previous two months.