Australia: Labour market disappointed expectations in August – UOB
|Economist at UOB Group Lee Sue Ann reviews the recently published labour market report in Australia for the month of August.
Key Takeaways
“Seasonally adjusted employment in Australia fell by 146,300 people in August, following the increase of 3,100 jobs in July. Full-time employment decreased by 68,000 to 8,956,500 people, and part-time employment decreased by 78,200 to 4,066,100 people. The participation rate slumped by 0.8 percentage points to 65.2%, from 66.0% in July.”
“The relatively large fall in unemployment, which accounted for around 13% of the 168,000 person fall in the total labour force, saw the unemployment rate falling to 4.5%, from 4.6% previously. This, however, reflected a large fall in participation during the lockdowns, rather than a strengthening in labour market conditions.”
“The latest jobs numbers were unsurprising, given that the data covered the first two weeks of August, which saw the country struggling to quell a third wave of COVID-19 infections, which hit its two largest cities – Sydney and Melbourne – as well as the capital, Canberra, forcing nearly half the country's 25 million people into strict stay-at-home restrictions.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.