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Following June's dismal gains, July's labour market numbers provided a much-appreciated recovery with 24,500 jobs added—up considerably from only 1,000 the month before—and the unemployment rate dropping to 4.2%. Total hours worked increased 0.3%, faster than the 0.2% rise in employment and emphasising greater-than-expected labour demand. At 67.0%, participation remained steady, demonstrating ongoing involvement despite economic headwinds.
July's gains were remarkably full-time driven: 60,000 jobs (40,000 among women; 20,000 among men) increased while part-time employment fell by 36,000. With an employment-to-population ratio of 60.9% and a participation rate of 63.5%, female labor force involvement established new records. Underemployment decreased to 5.9% in the meantime, lowering the overall underutilisation rate to 10.1%.
In this context, wage growth—3.4% year-on-year, matching Q1's pace—remains robust, implying households still have some purchasing ability. Given the consistent job creation and declining joblessness, policymakers at the Reserve Bank of Australia are unlikely to jump into further rate cuts. Still, given world instability and overall economic activity yet "sluggish," caution is probably going to define projections for the next few months.
