Australian July employment beats estimates, full time jobs decline dramatically

Australia employment change s.a. came in at 26.2 k in July, above forecasts of +11k and prior of 7.9, with the unemployment rate s.a. at 5.7 % vs forecasts of 5.8% and 5.8% last. Fulltime employment stood at -45.4 k vs previous 38.4k, while part-time employment 71.6 k from previous -30.5k. Participation rate was 64.9% vs expected 64.9% and prior of 64.9%.

JULY KEY POINTS

TREND ESTIMATES (MONTHLY CHANGE)

• Employment increased 11,800 to 11,955,100.
• Unemployment decreased 1,200 to 724,100.
• Unemployment rate remained steady at 5.7%.
• Participation rate remained steady at 64.8%.
• Monthly hours worked in all jobs increased 0.9 million hours to 1655.6 million hours.

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)

• Employment increased 26,200 to 11,968,600. Full-time employment decreased 45,400 to 8,153,900 and part-time employment increased 71,600 to 3,814,700.
• Unemployment decreased 5,500 to 725,500. The number of unemployed persons looking for full-time work decreased 13,300 to 482,400 and the number of unemployed persons only looking for part-time work increased 7,800 to 243,100.
• Unemployment rate decreased by 0.1 pts to 5.7%.
• Participation rate remained steady at 64.9%.
• Monthly hours worked in all jobs increased 3.7 million hours to 1,660.9 million hours.