Australian jobs report due 15 August 2024, the unemployment rate will not be 10.1%

The Australian labour market report is due at 11.30 am Sydney time

• 0130 GMT
• 2130 US Eastern time (on Wednesday)

The unemployment rate is expected to remain steady at 4.1%.

Yesterday a private survey from, Roy Morgan, published their July unemployment report:

• ‘Real’ unemployment rate surges to 10.1% (up 1.8 percentage points)
• Total unemployed reaches 1,597,000 (highest since August 2023)
• Part-time employment plummets by 176,000 to 4,765,000
• Overall employment drops by 152,000 to 14,155,000
• Combined unemployment and underemployment rate spikes to 19.8% (up 2.5 percentage points)

Key takeaways:

• Post-mid-year sales slump hits part-time jobs hard
• Full-time employment sees marginal gain (+24,000)
• Labor market struggling to absorb rapid population growth
• Roy Morgan figures significantly higher than official ABS unemployment rate of 4.1%

The report adds:

• Roy Morgan’s unemployment figure of 10.1% is clearly more than double the ABS estimate of 4.1% for June but is approaching the combined ABS unemployment and under-employment figure of 10.6%.

This article was written by Eamonn Sheridan at www.forexlive.com.