Australia’s Unemployment Rate Rises To 3.7% In July
Data released by the Australian Bureau of Statistics reveals that Australia’s unemployment rate rose to 3.7 per cent in July, with the economy losing a net 14,600 jobs.
The participation rate, representing the proportion of individuals aged 15 and above either employed or actively seeking employment, saw a slight decrease of 0.1 per cent point, settling at 66.7 per cent.
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Bjorn Jarvis, ABS Chief of Labour Statistics, says despite the drop in the employment figures, the number remains a positive aspect.
Employment is still around 387,000 individuals higher, compared to the previous year.
“The fall in employment follows an average monthly increase of around 42,000 people during the first half of this year,” Mr Javis said.
“July includes the school holidays, and we continue to see some changes around when people take their leave and start or leave a job,” he said.
“It’s important to consider this when looking at month-to-month changes, compared with the usual seasonal pattern,” he added.
The report indicates another growing trend in the labour market, with monthly hours worked increasing slightly during this period.
“Hours worked has consistently grown faster than employment over the past 12 months.”
He said the increase in hours worked in the past year, indicated that the need for labour was satisfied through individuals working longer hours.
Collectively, there was a decrease of around 15,000 in employment during the month, marking the most significant decline since the lockdowns in 2021.
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