Unemployment rises

Thursday, 12 July 2012

June unemployment is out and is not great. The headline number only rose 10bps to 5.2% but 33.5k full time jobs were lost with a minimal offset in 6.6k gain for part time. The participation rate fell 30bps to 65.2, preventing a larger rise in the headline number.

Month to month is volatile of course and the trend still looks decent but the dollar fell over half a cent on the release.

More to come from UE…

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.