Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
Employment rose 33.5k in August, which was close to expectations. The unemployment rate unexpectedly rose 0.1pp to 3.5%, as the number of unemployed increased 14k and the participation rate recovered to 66.6%. But underemployment fell 0.1pp, as people work more hours.
- While the data was close to expectations, it shows strength in the jobs market continues unabated. There is nothing here to shift RBA views in either direction for the October meeting.
- Hours worked increased by 0.8% m/m and 7.3%y/y, recovering from an illness- and holiday-impacted July. This is the highest annual growth rate since 1989 (ex Covid period), showing that firms are increasing existing employees’ hours in the face of a shortage of suitable job candidates. Consistent with the fall in the underemployment rate.
- In another sign that the labour market remains tight, full-time employment rose 58.8k (highest since May) while part-time fell 25.3k. Total employment growth is now 4.4% y/y (highest since 1989, apart from Covid-impacted 2021) and full-time jobs +5.8% y/y.
Growth in hours and employment y/y%
Source: MNI - Market News, ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok