The unemployment rate climbs to 4.2 per cent in July, despite data from the Australian Bureau of Statistics showing more than 58,000 people found work last month.
The unemployment rate rose to 4.2 per cent in July, with the participation rate reaching a record high.Economists say the data is in line with the RBA 's projections, with expectations it will cut interest rates in early 2025.Data from the Australian Bureau of Statistics showed more than 58,000 people found work last month, with the majority in full-time roles.
"Although the unemployment rate increased by 0.1 percentage point in each of the past two months, the record high participation rate and near record high employment-to-population ratio shows that there continues to be a high number of people in jobs, and looking for and finding jobs. "What was interesting today is the strength in jobs growth. Employment rose 58,000 in the month of July, all of that was full-time jobs," he said.
"We have had GDP growth running below trend for about a year, but ... jobs growth has run at 3.2 per cent over the past 12 months," Mr Boyton said. "Competition for those roles is very elevated. That unfortunately translates to a really tough environment for graduates right now." "At the moment, the balance is towards the hirers. They have a lot more choice than they did a year or two ago.
Despite the increased competition, Adam Boyton from ANZ said the jobs data showed some reasons to be optimistic."So there are jobs out there. It just might take a little longer to find them."The RBA's latest forecasts expect the unemployment will rise to 4.3 per cent by the end of the year — and Mr Boyton said Thursday's jobs data is consistent with that outlook.
Unemployment Rate Jobs Data Job Losses Labour Market Employment Economy Cost Of Living Work Job Search Seek Interest Rates Rba Reserve Bank Of Australia Michele Bullock
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