The Australian labour market report is due at 11.30 am Sydney time
- 0130 GMT
- 2130 US Eastern time (on Wednesday)
The unemployment rate is expected to remain steady at 4.1%.
Yesterday a private survey from, Roy Morgan, published their July unemployment report:
- ‘Real’ unemployment rate surges to 10.1% (up 1.8 percentage points)
- Total unemployed reaches 1,597,000 (highest since August 2023)
- Part-time employment plummets by 176,000 to 4,765,000
- Overall employment drops by 152,000 to 14,155,000
- Combined unemployment and underemployment rate spikes to 19.8% (up 2.5 percentage points)
Key takeaways:
- Post-mid-year sales slump hits part-time jobs hard
- Full-time employment sees marginal gain (+24,000)
- Labor market struggling to absorb rapid population growth
- Roy Morgan figures significantly higher than official ABS unemployment rate of 4.1%
The report adds:
- Roy Morgan’s unemployment figure of 10.1% is clearly more than double the ABS estimate of 4.1% for June but is approaching the combined ABS unemployment and under-employment figure of 10.6%.
This article was written by Eamonn Sheridan at www.forexlive.com.
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