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Employment
Australia's unemployment rate rises to 4.5%
Australia's unemployment rate rose to 4.5% in July, exceeding market expectations, as employment declined and the number of unemployed people increased. The seasonally adjusted unemployment rate climbed from 4.4% in June according to fresh data from the Australian Bureau of Statistics (ABS), above expectations for the rate to remain unchanged.Credit: ABSThe number of employed people fell by 15,800 in July, driven by a sharp decline in part-time employment, while unemployment increased by 4,200 people. Sean Crick, ABS head of labour statistics, said: “In July, we recorded a 16,000 person fall in employment, whilst the number of unemployed people rose by 4,000. “The majority of the fall in employment came from males, which fell by 11,000 people. There were 10,000 fewer males employed part-time, and 1,000 fewer in full-time employment in July. “Female employment recorded a smaller fall of 5,000, with females employed part-time falling by 22,000 but full-time rising by 17,000.” “There were 12 million less hours worked this month, with those employed full-time working 7 million less hours, and those employed part-time working 5 million less hours”, Mr Crick said. New South Wales and Western Australia were the main con
Employment
US nonfarm payrolls fall in July
The United States economy unexpectedly shed jobs in July, while previously reported employment gains for the prior two months were revised sharply lower, reducing expectations of a Federal Reserve interest rate hike next month. Nonfarm payrolls fell by 23,000 last month, the Labor Department's Bureau of Labor Statistics said. Economists had expected payrolls to increase by 80,000, following a previously reported gain of 57,000 in June. The unemployment rate fell to 4.1% from 4.2% in June, but the decline was driven by 264,000 people leaving the labour force. The participation rate consequently fell to a near five-and-a-half-year low of 61.4%, weighing on hiring. The latest data also showed the economy added 103,000 fewer jobs in May and June than previously estimated. Much of July's payroll decline was concentrated in local government education, where employment fell by 49,600, the largest decline since October 2021. This contributed to a 53,000 decline in total government payrolls. Excluding government employment, private payrolls increased by 30,000, matching June's gain. Private-sector job growth has averaged 72,000 per month this year, leading some economists to argue that it provides a better indication of l
Employment
ADP: US private hiring slows in July
Private sector hiring slowed in July, with employers adding fewer workers than expected as job growth remained concentrated in healthcare, according to payroll processor ADP. Private companies added a seasonally adjusted 44,000 jobs during the month, down from a downwardly revised 95,000 in June and well below economists' expectations for 75,000 new positions. The services sector accounted for all of the net employment gains, adding 47,000 jobs, while goods-producing industries shed 3,000 positions. Healthcare and education services led hiring with 36,000 new jobs, continuing the sector's long-standing role as the largest contributor to employment growth. Financial activities added 10,000 positions, professional and business services gained 9,000, while other services increased by 6,000. Elsewhere, trade, transportation and utilities lost 8,000 jobs, while natural resources and mining declined by 6,000. Manufacturing added 2,000 jobs and construction contributed 1,000. Hiring was relatively balanced across business sizes, with firms employing fewer than 50 people leading the way by adding 23,000 positions. Annual pay growth for workers who remained in their current jobs held steady at 4.4%, while employees changi
Employment
US job openings fall in June as hiring picks up
United States job openings declined in June, driven by a sharp drop in vacancies across the healthcare and social assistance sector, while stronger hiring and steady layoffs pointed to a labour market that remained resilient. The number of available positions, a key measure of labour demand, fell by 178,000 to 7.359 million at the end of June, according to the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) released on Tuesday. Economists had expected 7.4 million job openings during the month. Job openings increased in transportation, warehousing and utilities, rising by 97,000, while federal government vacancies climbed by 39,000. Offsetting those gains, openings declined by 74,000 in wholesale trade, 55,000 in non-durable goods manufacturing and 9,000 in mining and logging. The healthcare and social assistance sector recorded the largest decline, with job openings falling by 147,000. The report comes after the U.S. Federal Reserve last week left its benchmark interest rate unchanged at 3.50% to 3.75%, although three policymakers dissented in favour of a 25-basis-point rate increase. The job openings rate eased to 4.4% in June from 4.5% in May. Hiring increased by 96,000 to 5.348 million
Employment
US jobless claims hit lowest level since 1969
The number of Americans filing new applications for unemployment benefits unexpectedly fell last week to its lowest level in more than five decades, underscoring the resilience of the United States labour market and reinforcing expectations that the Federal Reserve will remain focused on tackling inflation. Initial claims for state unemployment benefits dropped by 22,000 to a seasonally adjusted 187,000 in the week ended 18 July, according to data released by the Labor Department on Thursday. The decline, the largest in three months, pushed claims to their lowest level since September 1969. Economists had expected initial claims to rise to 212,000, making the latest reading a significant upside surprise. The report covered the survey period used for July's nonfarm payrolls report, due in about two weeks, and added to evidence that the U.S. labour market remains on solid footing despite elevated borrowing costs. Continuing claims, which measure the number of people receiving unemployment benefits for more than one week and serve as a proxy for hiring conditions, fell to a six-week low of 1.796 million in the week ended 11 July. The latest data follows June's employment report, which showed the unemployment rate un

Employment
Australia jobs surge strengthens rate hike case
Australian employment jumped by more than expected in June while the unemployment rate remained steady, signalling continued resilience in the labour market and strengthening expectations that the Reserve Bank of Australia may need to keep interest rates higher for longer. The seasonally adjusted unemployment rate held at 4.4% in June, according to data released by the Australian Bureau of Statistics (ABS), matching market expectations. Employment increased by 76,300 people during the month, the strongest gain since April last year and far exceeding market forecasts for a 15,000 increase.Credit: Australian Bureau of StatisticsThe rise was driven largely by part-time employment, which increased by 47,000 people. ABS head of labour statistics Sean Crick noted: “In June, we recorded a 76,000 person rise in employment, driven by a 47,000 person rise in part-time employment. “Part of the growth in employment this month came from those who were waiting to start a job in May. This represents a stronger June movement than has been observed in recent years." He added that employment conditions remained elevated compared with recent months. “We also continued to see higher numbers of people remaining employed this June,
Employment
US job growth slows as workforce shrinks
United States job growth slowed significantly in June as employers added fewer workers than expected and payroll figures for the previous two months were revised lower, signalling a cooling labour market and reducing expectations that the Federal Reserve will raise interest rates in the near term. According to the Labor Department's Bureau of Labor Statistics, nonfarm payrolls increased by 57,000 jobs in June, well below economists' forecasts of 110,000 new positions. The unemployment rate edged down to 4.2% from 4.3% in May. However, the improvement reflected a sharp decline in labour force participation rather than stronger hiring, with around 720,000 people leaving the workforce during the month. The participation rate fell to 61.5%, its lowest level since March 2021 and the weakest reading in more than five years. The report, released a day earlier than usual ahead of the United States' Independence Day holiday, also included downward revisions showing the economy created 74,000 fewer jobs across April and May than previously estimated. The weaker-than-expected employment figures prompted investors to further reduce expectations of additional monetary tightening by the Federal Reserve. Financial markets conti
Employment
US private hiring slows ahead of jobs report
United States private-sector hiring slowed in June as employers added fewer jobs than expected, reinforcing signs of a moderating labour market ahead of the release of the closely watched government employment report. According to ADP, private payrolls increased by a seasonally adjusted 98,000 positions during the month, down from an unrevised 122,000 in May and below market expectations for a gain of 113,000. The report serves as a precursor to Thursday's nonfarm payrolls release from the Bureau of Labor Statistics, with Wall Street expecting the U.S. economy to have added 110,000 jobs in June. Markets are also expecting the unemployment rate to remain unchanged at 4.3%, while average hourly earnings are expected to increase 0.3% for the month and 3.5% from a year earlier. Healthcare-related industries continued to drive employment growth, with the education and health services sector accounting for 48,000 of the new jobs created during June. Almost all hiring occurred within the services sector, which added all but 2,000 of the month's new positions. Other industries recording gains included trade, transportation and utilities, which added 15,000 jobs, followed by financial activities with 14,000 and other serv
Employment
US job openings touch 2yr high in May
United States job openings climbed to a two-year high in May, signalling resilient labour demand, although slower hiring and worsening consumer perceptions of employment suggested the labour market continues to lack momentum. The U.S. Department of Labor's Bureau of Labor Statistics said job openings increased by 9,000 to 7.594 million on the final day of May, the highest level since May 2024. The figure exceeded market expectations of 7.30 million vacancies. However, some economists urged caution when interpreting the Job Openings and Labor Turnover Survey (JOLTS), noting the survey's response rate remained unusually low. Tuesday's data presented a mixed picture of the labour market, with economists saying employment conditions appeared stable despite subdued hiring activity. They also said there was little evidence that the recent conflict involving the United States, Israel and Iran had materially affected the labour market, with downside risks seen as easing following the fragile ceasefire. ANZ analysts said in a note to clients: "While the labour market has stabilised, it is lacking dynamism. The hiring rate, quits rate and layoffs rate are low relative to history, consistent with a ‘low hire, low fire’ l