Full employment “getting close”; jobless rate drops to 3.5%

14 July 2022

 

Summary: Employment up 88,400 in June, noticeably greater than expected; little sign of RBA's tightening coming through in near-term; “must be getting close” to full employment; participation rate ticks up to new record high; jobless rate falls to 3.5%; more part-time, full-time jobs; aggregate work hours steady; underemployment rate up from 5.7% to 6.1%. Australia’s period of falling unemployment came to an end in early 2019 when the jobless rate...

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