Australia’s July employment report: Mixed reading, full time jobs drop sharply

Australian July employment report came mixed, with the employment change at 27.9k vs 20k exp and 14k prior, with full time job creation at -20.3k vs 69.3k (revised higher) last, while part time jobs came at 48.2k vs -48k last. The participation rate ticked higher to 65.1%, while the unemployment rate was 5.6%vs 5.6% exp and 5.7% (revised from 5.6%) last

JULY KEY POINTS

TREND ESTIMATES (MONTHLY CHANGE) 

Employment increased 26,000 to 12,196,900.

Unemployment decreased 1,800 to 726,000.

Unemployment rate remained steady at 5.6%.

Participation rate increased by less than 0.1 pts, but remained at 65.0% in rounded terms.

Monthly hours worked in all jobs increased 5.2 million hours (0.3%) to 1,696.4 million hours.

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE) 

Employment increased 27,900 to 12,201,400. Full-time employment decreased 20,300 to 8,342,300 and part-time employment increased 48,200 to 3,859,100.

Unemployment increased 1,100 to 730,600. The number of unemployed persons looking for full-time work decreased 3,800 to 496,400 and the number of unemployed persons only looking for part-time work increased 4,900 to 234,200.

Unemployment rate decreased by less than 0.1 pts to 5.6%

Participation rate increased by 0.1 pts to 65.1%.

Monthly hours worked in all jobs decreased 14.4 million hours (0.8%) to 1,690.4 million hours.