Australia’s June jobs report came in well short of expectations, with only a 2k increase in employment and a sharp divergence between full-time and part-time work. Full-time employment plunged by -38.2k while part-time roles rose 40.2k. Unemployment rate rose to 4.3%, defying forecasts for it to hold at 4.1%, while participation rate remained unchanged at 67.0%.
According to the ABS, the rise in joblessness was driven by a 34k increase in the number of unemployed Australians. ABS labor head Sean Crick added that full-time hours worked declined -1.3% in the month, suggesting further weakness ahead. Despite a marginal rise in total hours worked of 0.1% mom, the data add to signs that the labor market is losing momentum.
