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Investing.com-- Australia’s job market grew slightly less than expected in July but rebounded sharply from last month, while the unemployment rate edged lower, implying the labor market remained relatively tight.
The total number of employed people grew by 24,500 in July, below expectations of 25,300, but picked up sharply from 2,000 additions recorded last month, data from the Australian Bureau of Statistics showed on Thursday.
Australia’s unemployment rate fell to 4.2% in July from 4.3% in the previous month, meeting expectations. Overall hours worked rose in June after shrinking last month.
Full-time employment figures rose sharply by 60,000, in contrast to an over 38,000 decline in June.
The ABS stated that employment growth was led by a jump in full-time jobs, partly offset by a 36,000 decline in part-time positions.
Australia’s participation rate– which gauges the percentage of the population that is in the labor sector– remained steady at 67.0%, missing expectations of 67.1%.
A rebound in the labour market might complicate the case for further easing by the Reserve Bank of Australia.
Earlier this week, the RBA reduced rates by 25 basis points for the third time this year, and signalled further easing if incoming data supports the move.