The key June employment report from Australia has arrived. Last time around, the Employment Change for May was a big beat compared to market expectations, 42.3K vs estimates of 16K. The Unemployment Rate at 5.2% vs estimates (est) of 5.1% and previous (prev) 5.2% was another disappointment for the RBA.
June’s data came as follows:
- Australian Unemployment rate June: 5.2% (est 5.2%; prev 5.2%).
- Australian Employment change June: 0.5k (est 10k prev 42.3K). (Makes up for last months huge beat***)
- Australian Full Time Employment Change June: 21.1k vs the prior -2.4K. (Bullish)
- Australian Part Time Employment Change June: -20.6k vs prior was +39.8k. (Bullish)
- Participation Rate June: 66% vs (expected 66%, prior was 66%).
***Revisions – Australia Employment Change Jun 0.5K (est 9.0K; prev 45.3 prev 42.3K)
About the Unemployment Rate
The Unemployment Rate release by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labor force. If the rate hikes, indicates a lack of expansion within the Australian labor market. As a result, a rise leads to weaken the Australian economy. A decrease of the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).