Australian jobs report due 15 August 2024, the unemployment rate will not be 10.1%

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.