Another Strong Labour Market Report

No meaningful reaction in the space to the release of the latest domestic labour market report, with YM -2.0 and XM -3.0 at typing.

• All in all, it was a much stronger than expected labour market report, with jobs growth in Victoria accounting for 74K of the 90K seen nationally, while underemployment and underutilisation continue to move away from their respective '20 peaks. The much stronger expected headline jobs growth was largely driven by full time employment gains (84.2K) and meant that the uptick in the participation rate (which has recovered to all-time highs of 66.1%) was more than offset by jobs growth, providing an unexpected dip in the headline unemployment figure. Still, the ABS has noted that "while the participation rate has recovered, there are still 138,000 fewer employed people than in March and 226,000 more unemployed people." The ABS also noted that "since the low point in May, total hours worked has increased by 159.8 million hours, recovering 86% of the 185.6 million hour decrease between March and May."