Unemployment rate rises to 4½ per cent

Unemployment rate rises

Following last month's bumper 'increase' in employment, the ABS reported employment falling back by -15,800 in July.

The unemployment rate continues to trend gently higher, with the seasonally adjusted unemployment rate rising to 4½ per cent in July.

The youth unemployment rate is much higher at 10.4 per cent.

Measures of under-employment and underutilisation weren't much changed in July. 

Finally, the estimated growth in the civilian population aged 15 or over remained very strong at +403,400 or +1.8 per cent.

Overall, a softer than expected monthly result.

The Reserve Bank's forecast had the unemployment rate rising to 4½ per cent by the December 2026 quarter, but we're already there.

The 3-year bond yield ticked down by a few basis points to 4.53 per cent.

James Foster ran through the figures in more detail here. 

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