The unemployment rate has bucked expectations, holding steady at 3.5 per cent last month after stronger-than-expected employment gains of 32,600. jobs employment economy
The unemployment rate remained at 3.5 per cent last month as the jobs market held steady in the face of rapidly rising interest rates and a slowdown in consumer spending.
The gains helped the jobless rate hold steady at a downwardly revised 3.5 per cent, keeping the unemployment rate within the narrow 3.5 per cent to 3.7 per cent range it has hovered in since June 2022. June’s employment gains were driven by a 39,300 increase in full-time workers, which was only partly offset by a 6700 fall in part-time employment.
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