Australia’s unemployment rate has increased 0.2% in July, increasing by 36,000 people, with the unemployment rate now at 3.7%
ABS head of labour statistics, Bjorn Jarvis said the unemployment increase follows an average monthly increase of around 42,000 during the first half of 2023.
“Employment is still around 387,000 people higher than last July. July includes the school holidays, and we continue to see some changes around when people take their leave and start or leave a job. It’s important to consider this when looking at month-to-month changes, compared with the usual seasonal pattern.”
The labour force data is much weaker than expected, and with the Aussie dollar dropping to a nine month low of US63.64c, falling 0.9%, it’s contributing to an already challenged employment market, and additionally, the current dismal economic downturn.
The unemployment rate is up from a near 50-year low of 3.5% in June, with employment diving by 14,644, specifically full time jobs falling 24,239 whereas part time jobs rose 9,594.
The labour force participation rate also fell to 66.7% compared to the expected 66.8%.
