Australia's Unemployment rate hits 5.3% while jobs miss expectations

The Australian Bureau of Statistics (ABS) dropped Australia's latest Unemployment Rate and Employment Change figures for July, with the seasonally-adjusted Unemployment Rate hitting 5.3%, and the m/m Employment Change missing expectations to print at a -3.9 thousand contraction against the forecast +15 thousand.

Key highlights (via ABS)

The seasonally adjusted number of persons employed decreased by around 4,000 persons in July 2018. The seasonally adjusted unemployment rate decreased to 5.3 per cent and the labour force participation rate decreased to 65.5 per cent. 

The net movement of employed in both trend and seasonally adjusted terms is underpinned by well over 300,000 people entering employment, and more than 300,000 leaving employment in the month.

Trend employment increased by around 27,000 persons in July 2018 with full-time employment increasing by over 18,000 persons. 

The trend participation rate remained steady at 65.5 per cent in July 2018, after the June figure was revised down.

Over the past year, trend employment increased by around 300,000 persons or 2.4 per cent, which was above the average year-on-year growth over the past 20 years (2.0 per cent). 

The trend monthly hours worked increased by 0.2 per cent in July 2018 and by 1.9 per cent over the past year.