Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Australia jobs surge past expectations in June, labor market remains tight

Published 07/18/2024, 09:46 AM
© Reuters.

© Reuters.

AUD/USD
0.02%
AXJO
-1.70%

Investing.com-- Australia’s job market grew more than expected in June, as high vacancies and a strong amount of participation saw the labor market running hot even as unemployment rose slightly. 

The total number of employed people grew by 50,200 people in June, data from the Australian Bureau of Statistics showed on Thursday. The increase was much higher than expectations for a rise of 19,900, and picked up pace from 39,700 seen in the prior month.

The outsized increase saw Australia’s participation rate- which gauges the percentage of the working-age population that is in the workforce- rise to 66.9% in June from 66.8% in the prior month, while the unemployment rate rose slightly to 4.1% from 4%. 

“The labour market remains relatively tight, despite the unemployment rate being above 4.0 per cent since April,” Bjorn Jarvis, ABS head of labour statistics said in a statement, noting that a high participation rate and increased vacancies were the main factors of a tighter market. 

A tighter labor market indicates that at least some facets of Australia’s economy are running strong, even as high interest rates and sticky inflation weighed on consumer spending and business activity. 

A strong labor market also gives the Reserve Bank of Australia more headroom to keep interest rates higher for longer, and, coupled with a recent bout of sticky inflation, could even see the bank raise interest rates further. 

 

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.

Which stock should you buy in your very next trade?

With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.

In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.

With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.

Unlock ProPicks AI

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.