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As summarised earlier by Houses & Holes, the Australian Bureau of Statistics (ABS) today released labour force data for the month of June, which registered an increase in the headline unemployment rate to 6.0% from an upwardly revised 5.9% in May. The result disappointed analyst’s expectations of an unemployment rate of 5.9%.
Total employment increased by a seasonally adjusted 15,900 to 11.578 million in June. The increase in jobs was driven by a 19,700 increase in part-time jobs, partly offset by a 3,800 reduction in full-time jobs. Aggregate monthly hours worked rose by 15.1 million hours (0.9%) to 1 ,629.1 million hours.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.