But not weak enough for RBA’s meeting, I suspect. Via ABS:
SEASONALLY ADJUSTED ESTIMATES
- Employment increased by 28,900 to 12,981,600 people. Full-time employment decreased by 300 to 8,834,700 people and part-time employment increased by 29,200 to 4,146,900 people.
- Unemployment decreased by 12,900 to 693,100 people.
- Unemployment rate decreased by 0.1 pts to 5.1%.
- Participation rate remained steady at 66.0%.
- Monthly hours worked in all jobs increased by 8.2 million hours to 1,791.1 million hours.
LABOUR UNDERUTILISATION
- The monthly trend underemployment rate remained steady at 8.3%. The monthly underutilisation rate remained steady at 13.5%.
- The monthly seasonally adjusted underemployment rate remained steady at 8.3%. The monthly underutilisation rate decreased by 0.1 pts to 13.4%.
Weak given the rubbish jump in part time jobs but not terrible given the lift in hours worked.
It is line ball but probably favours RBA hold for next meeting.
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