The Australian Bureau of Statistics (ABS) has released labour market data for July, with Australia’s unemployment rate jumping by 0.2% to 3.7%, amid a 14,600 (-0.1%) decline in jobs and a 36,000 (7.0%) rise in the number of unemployed people:
The result would have been worse had the participation rate not also fallen by 0.1%.
With Australia’s labour supply growing at a record pace via unprecedented net overseas migration, Australia needs to create around 35,000 jobs a month for the unemployment rate to remain steady.
The lift in Australia’s official unemployment rate follows other indicators showing a weakening labour market. These include:
SEEK job ads and applicants per job:
Roy Morgan’s labour force survey, which shows the labour force is growing much faster than job creation:
Unemployment expectations, which have launched:
Albo from the Projects is doing his best to hurt the working class by importing an army of unemployed.
