MNI BRIEF: Aussie Unemployment Down 10bp To 4.2%

The unemployment rate fell 10 basis points to 4.2% in July, matching expectations, as the economy added 24,500 jobs, Australian Bureau of Statistics data showed Thursday.

Employment growth was driven by a 60,000 increase in full-time roles, partly offset by a 36,000 drop in part-time jobs. Female full-time employment rose by 40,000, while male full-time employment increased by 20,000. The employment-to-population ratio edged up to 64.2%, with the participation rate steady at 67.0%. Female employment and participation reached record highs of 60.9% and 63.5% respectively. Hours worked rose 0.3% in July, outpacing the 0.2% growth in employment.

While the Reserve Bank of Australia Board decided to cut the cash rate 25bp to 3.6% this week, Governor Michele Bullock stressed there was still some tightness noted in the labour market. (See MNI RBA WATCH: Bullock Points Toward Further Cuts)