/ 19 August 2022

Get set for another economic record…

Image source: iStock
Image source: iStock

In July, Australia recorded its lowest unemployment rate since August 1974 when Paper Lace’s Billy Don’t Be A Hero was top of the pops. Since then, #1 songs about the American Civil War have been as rare as a 3.4% unemployment rate, which is where things landed in July. That’s down from 3.5% in June, according to the latest Bureau of Stats data. But, like many things in our economy ATM, #itscomplicated… Employment also fell – 40,900 jobs were lost in the month, and that’s the first fall in employment since October 2021. So why did our unemployment rate fall if there were fewer jobs? The participation rate also fell – aka those in work/actively looking. Long story short: the number of jobs fell in July, but the number of Aussies seeking employment fell even more. Some economists say the fall in jobs and weaker-than-expected wages growth could see the Reserve Bank ease up on interest rate hikes next month. Mortgage holders can dream…

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