Australia’s unemployment rate remained at a seasonally adjusted 5.2 per cent in June, in line with consensus expectations.
The number of employed persons rose by a net 500 to 12.87 million during the month, according to Thursday’s data from the Australian Bureau of Statistics, with a 21,100 increase in people with full-time work offsetting a 20,600 decrease in people with part-time work.
The participation rate remained steady at 66 per cent and underemployment dropped from 8.6 per cent to 8.2 per cent.
Analysts expected the overall jobless rate to remain steady as a temporary boost from election-related jobs receded and the effect of the June cash rate cuts and tax reforms are yet to have an impact.
NAB economist Kaixin Owyong noted the third consecutive 5.2 per cent monthly result was well above the 5.0 per cent average rate the reserve Bank had forecast for the June quarter in its May Statement of Monetary Policy.
“As such, the RBA will be forced to lift its unemployment rate forecast track in August, although we don’t think that will prompt an immediate third rate cut,” Ms Owyong said.
The Australian dollar jumped slightly after the data’s release from 70.21 US cents to 70.26 by 1134 AEST.
-ABC
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