Employment

Employment rose by 58.2k in July, significantly more than the 20.0k pencilled in by the market consensus. The unemployment rate picked up 0.1ppts to 4.2%, amid a 0.2ppts rise in the participation rate to a new record high of 67.1%. Western Australia continues to boast the healthiest state labour market, with the lowest unemployment rate (3.7%) and the fastest annual rise in employment (4.6%).

Employment rose by a seasonally adjusted 50.2k in June, significantly more than the 20.0k pencilled in by the consensus. The May employment gain was revised slightly down to 39.5k from the initially estimated 39.7k. The annual rate of employment growth accelerated from 2.5% to 2.8% in June, which is comparable to the 2.9% observed in April.

Employment rose by 39.7k in May, somewhat more than the 30.0k expected by market participants. This followed a downwardly revised 37.4k gain in April (originally 38.5k). The annual rate of employment growth decelerated back to 2.5%.

Seasonally adjusted employment bounced back 38.5k in April following a 5.9k fall in March (revised from -6.6k). The consensus market expectation had been for a 23.7k increase.

Seasonally adjusted employment declined 6.6k in March, against market expectations of a 10.0k gain. The supersized February increase was revised slightly upwards to 117.6k against the initially estimated 116.5k.

Employment surged a seasonally adjusted 116.5k in February, significantly more than the 40.0k pencilled in by the market consensus. The seasonally adjusted unemployment rate dropped 0.4ppts to 3.7%. Western Australia saw the strongest percentage gain in employment of all states, both in monthly (1.7%) and annual terms (4.9%).

Employment rose by a seasonally adjusted 0.5k in January, following a 62.7k slump in December. The January increase was a large disappointment for market participants, who expected a 25.0k gain. The unemployment rate rose to a two-year high of 4.1%, but this is still low by historical standards.