ABS Labour Force for July is out and the news is weakness:
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
- Employment decreased 3,900 to 12,575,200. Full-time employment increased 19,300 to 8,587,500 and part-time employment decreased 23,200 to 3,987,700.
- Unemployment decreased 5,700 to 706,000. The number of unemployed persons looking for full-time work increased 2,300 to 504,100 and the number of unemployed persons only looking for part-time work decreased 8,000 to 201,900.
- Unemployment rate decreased by less than 0.1 pts to 5.3%.
- Participation rate decreased by 0.1 pts to 65.5%.
- Monthly hours worked in all jobs increased 4.0 million hours (0.2%) to 1,749.6 million hours.
The dollar jumped on the unemployment drop owing to a falling participation rate. That makes no sense to me. There is also breaking news of Chinese trade delegation to Washington so put it down to that.
More to come.
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