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July Unemployment Falls to 4.2% as Full-Time Jobs Surge

July’s robust jobs growth has led markets to scale back bets on a September rate cut, with broad labour underutilisation staying elevated

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A worker adjusts the electrical wiring of traffic lights in central Sydney, Australia, June 16, 2017. REUTERS/Steven Saphore/ File Photo
Unemployment slipped back to 4.2 per cent in latest Australian Bureau of Statistics figures.
Australia’s unemployment rate fell on a surge of women finding full-time roles. NewsWire / John Appleyard

Overview

  • The ABS reported net employment rose by about 24,500 in July, driven by a 60,500 gain in full-time roles.
  • Female full-time employment jumped by roughly 40,000, lifting women’s participation to a record high of 63.5%.
  • The RBA cut its cash rate by 25 basis points this week and said the labour market is easing yet remains somewhat tight.
  • Markets pared back expectations for an immediate September rate cut and lifted the Australian dollar after the stronger-than-expected print.
  • Broad underutilisation held at around 10.1%, spurring calls for reforms such as ASIC’s RG 97 review to unlock long-term investment in housing.