As I reported earlier, the ABS has released July Labour Force figures and the headline numbers were stronger than consensus with 26,200 jobs created versus 10k expected. The breakdown was less sanguine with full time hammered -45,400 and part-time rising 71,600:
The participation rate lifted slightly:
Which held the unemployment rate up a little at 5.7%:
Total employment is on a very soft climbing trend:
But the annual growth rate is falling:
One positive was a rebound in aggregate hours worked:
By state:
And the results wrap like this:
The fly in the ointment is the underemployment rate which has not budged for three months at 8.4% and is clearly stuck. Casualisation ratios fell sharply to new record lows (or highs):
And folks just can’t get enough hours:
It was a decent report reflecting some of the improving trends in recent business surveys but there’s little confidence in it and nothing to turn falling wages.
The story remains hidden unemployment not improving job prospects.
