Aussie jobs market stalls in June

The ABS is out with June Labor Force and the news is soft:

SEASONALLY ADJUSTED ESTIMATES

Employment increased 500 to 12,871,700 persons. Full-time employment increased 21,100 to 8,815,600 persons and part-time employment decreased 20,600 to 4,056,100 persons.

Unemployment increased 6,600 to 711,500 persons.

Unemployment rate remained steady at 5.2%.

Participation rate remained steady at 66.0%.

Monthly hours worked in all jobs decreased 0.1 million hours to 1,773.9 million hours.

A decent miss on expectations of 9k jobs but the AUD rose because the market can’t read.

More to come.

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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.