Unemployment rate rises to 4.22pc, highest since 2021 (move to SEQ?)

Employment surge continues

A stronger than expected jobs report showed employment rising by a pumping +58,200 in July 2024, to new record highs at 14.462 million.

Over the past 3 months, the economy has added more than +150,000 employed persons, a remarkably high number.

Hours worked growth remained soft over the year, however, rising by only 0.9 per cent from a year earlier.

The participation rate increased to a record high.

Probably the only number that really matters going forward is the unemployment rate.

The unemployment rate rose from 4.08 per cent to 4.22 per cent in July, having been down at 3.73 per cent in February.

It’s the highest rate of unemployment since November 2021.

This has partly been related to the record high participation rate.

Almost a Goldilocks set of numbers, overall, with strong hiring but a gradual easing in the unemployment rate. 

Looking ahead hiring will undoubtedly be slower in time, with Seek reporting fewer job advertisements and a surge in applicants per available role.

For now the labour market remains in tip-top condition, but policymakers will be alert to the risk of rising unemployment over the second half of the year. 

Victoria had the highest unemployment rate, suggesting that more employees might head for south-east Queensland.

James Foster ran through the key details here.

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