Australia: Strong employment growth keeps unemployment rate at 5.2% - ANZ

Dhwani Mehta FXStreet

Catherine Birch, Analyst at Australia and New Zealand (ANZ) Banking Group, is out with her take on the upbeat Australian labor market report released earlier today.

Key Quotes:

“A surprisingly strong employment gain of 41.1k in June was largely due to a 34.5k rise in full-time employment.

The unemployment rate remained at 5.2% with the participation rate increasing to a fresh record high of 66.1%. However, in trend terms, unemployment snuck up to 5.3%, back to where it was a year ago. Underemployment was up 0.2ppt to 8.4%, so total underutilisation rose.

There is still too much spare capacity in the labour market but the strong headline employment result weakens the domestic case for a September rate cut.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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