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Australia: Unemployment rate falls to 3.4% in July, its lowest level since 1974

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Australia: Unemployment rate falls to 3.4% in July, its lowest level since 1974

The Australia’s seasonally adjusted unemployment rate dropped to 3.4% in July 2022according to data published today by the Australian Bureau of Statistics (ABS).

Bjorn Jarvishead of labor statistics for the ABS, said: “As the employment fell by 41,000 people and the number of unemployed also fell by 20,000the unemployment rate fell 0.1 percentage point to 3.4%.”

The unemployment rate decreased in the case of men (0.2 percentage points), to 3.4%, and remained at 3.4% in the case of women.

“The decline in unemployment in July reflects an increasingly tight labor market, including a andhigh number of job openings and a continuing labor shortage, resulting in the lowest unemployment rate since August 1974Mr. Jarvis said.

“In July there were fewer unemployed (474,000) than job offers (480,000 in May)”.

With both employment and unemployment falling in July, the participation rate also fell, 0.3 percentage points from its all-time high of 66.8% to 66.4%. It remained 0.5 percentage point higher than before the pandemic.

The participation rate also decreased for both men and women (0.4 and 0.3 percentage points less).

The July reference period coincided with winter school holidays, worker absences associated with COVID and other illnesses, and new flooding in New South Wales.

Seasonally adjusted employment decreased by 41,000 people (0.3%) in July 2022.

“This is the first drop in employment since October 2021, following the easing of restrictions after the Delta variant closures in late 2021.”

“During the pandemic, it has not been uncommon to see changes or slowdowns in employment and hours around school holidays,” said Mr. Jarvis.

With the fall in employment, the employment-to-population ratio decreased 0.2 percentage points, to 64.2%.

Source: Fx Street

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