Another look at the Australian jobs report

The headline data (the seasonally adjusted) is here, its what the market is immediately focused on:

The ‘trend’ data is a better guide than the seasonally adjusted date (and I’ll reiterate what I said above so there is no doubt – the SA data is what the market focuses on). 

A look at the trend data now:

  • Australia’s trend participation rate increased to 66.0 per cent
  • The trend unemployment rate remained steady at 5.2 per cent
  • trend monthly employment increased by around 26,000 persons
  • Full-time employment increased by 15,000 persons
  • part-time employment increased by 11,000 persons
  • Over the past year, trend employment increased by 329,000 persons (2.6 per cent) which was above the average annual growth over the past 20 years (2.0 per cent).
  • The trend monthly hours worked increased by less than 0.1 per cent in June 2019 and by 2.0 per cent over the past year. This was above the 20 year average year-on-year growth of 1.7 per cent.
  • The trend monthly underemployment rate remained steady at 8.3 per cent in June, and decreased by 0.2 percentage points over the year. 
  • The trend underutilisation rate decreased by 0.4 percentage points over the year.

AUD … popped its overnight high very briefly but has since come back a touch:

I’ll be back with more AUD in a few moments


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