August 14, 2024 at 10:13PM
The Australian labour market report is due at 11.30 am Sydney time
0130 GMT
2130 US Eastern time (on Wednesday)
The unemployment rate is expected to remain steady at 4.1%.
Yesterday a private survey from, Roy Morgan, published their July unemployment report:
‘Real’ unemployment rate surges to 10.1% (up 1.8 percentage points)
Total unemployed reaches 1,597,000 (highest since August 2023)
Part-time employment plummets by 176,000 to 4,765,000
Overall employment drops by 152,000 to 14,155,000
Combined unemployment and underemployment rate spikes to 19.8% (up 2.5 percentage points)
Key takeaways:
Post-mid-year sales slump hits part-time jobs hard
Full-time employment sees marginal gain (+24,000)
Labor market struggling to absorb rapid population growth
Roy Morgan figures significantly higher than official ABS unemployment rate of 4.1%
The report adds:
Roy Morgan’s unemployment figure of 10.1% is clearly more than double the ABS estimate of 4.1% for June but is approaching the combined ABS unemployment and under-employment figure of 10.6%.
This article was written by Eamonn Sheridan at www.forexlive.com.