MNI BRIEF: Aussie Unemployment Holds At 3.7%, Employment Solid
The Australian unemployment rate remained at 3.7% in Aug., in line with market expectations, while employment jumped by about 65,000, according to data released today by the Australian Bureau of Statistics.
Employment growth is typically 32,000 per month, according to Bjorn Jarvis, head of labour statistics at the ABS. “The employment-to-population ratio rose 0.1 pp to 64.5%, around the record high in June," Jarvis said. "The participation rate also increased, up to a record high of 67.0% in August, which, together with the high employment-to-population ratio, continues to reflect a tight labour market."