The Australian Bureau of statistics yesterday released the Employment data for July 2018 showing the following:
- Employment fell by 3,900 against an expectation of a rise of 27,300 by the market. The detail showed that the fall was in part-time work, with full-time jobs rising 19,300 in the month.
- Unemployment rate fell to 5.3%, from 5.5%. This was all driven by a fall in the participation rate, which fell to 65.3% from 65.5% in June and 65.7% in May.
The employment figures are notoriously volatile and statistically unreliable. The market does watch them, however, and broadly interpreted the data as positive.