The Australian labour market report is due at 11.30am Sydney time.
- 0130 GMT
- 2130 EST (Wednesday)
The unemployment rate is expected to remain steady at 4.1%.
Yesterday, a special study conducted by Roy Morgan published its unemployment report for July:
- The “real” unemployment rate rose to 10.1% (up 1.8 percentage points).
- Total unemployed reaches 1.597 million people (highest since August 2023)
- Part-time jobs fell by 176,000 to 4.765 million
- Total employment decreased by 152 thousand to 14 million and 155 thousand
- The combined unemployment and underemployment rate rose to 19.8% (up 2.5 percentage points).
Key points:
- Post-midyear sales decline hits part-time jobs hard
- Full-time employment sees marginal increase (+24,000)
- Labor market struggles to absorb rapid population growth
- Roy Morgan’s figures are well above the official unemployment rate of 4.1%.
The report adds:
- Roy Morgan’s unemployment figure of 10.1% is clearly more than double the Australian Bureau of Statistics’ estimate of 4.1% for June, but close to the Australian Bureau of Statistics’ combined unemployment and underemployment figure of 10.6%.
This article was written by Eamonn Sheridan on www.forexlive.com.