The Australian Bureau of Statistics’ monthly labour market report baffled many pessimistic analysts and economists by easily beating job creation estimates by around 20,000.
While the seasonally adjusted unemployment rate rose last month to 4. 2%, its point since November 2021, only about 60,000 new jobs were created. Hours worked increased and more people joined the workforce, pushing the participation rate to an all-time high.
This news will no doubt baffle recession watchers and pessimists keen to justify the Reserve Bank’s rate cuts. They expected the unemployment rate to remain unchanged at 4. 1% and were disheartened to see the ABS highlight the rate increase before revealing much broader information. task growth.
The ABS data does not provide any evidence to support the need for a rate cut. The labor market remains physically powerful and, with thousands more people actively working, the increase in participation is very positive. The creation of an additional 58,200 new tasks last month reinforces this strength.
Indeed, the combination of a strong labor market and falling genuine wages (measured through the Wage Price Index) directly contradicts the Reserve Bank’s considerations about persistent inflation and wage growth. If employers were really concerned about emerging prices and wages, they wouldn’t be creating jobs temporarily (only about 80,000 in the last two months).
A positive trend has been observed in the distribution of new jobs during the month, with a significant increase in full-time jobs. The ABS reported the creation of 60,500 full-time jobs to 10. 01 million people, while part-time employment was reduced to a minimum of 2,300 to 4. 459 million people. In general, a tightening of the labor market leads to a reduction in full-time jobs and an increase in part-time jobs.
Overall, the workforce grew by 0. 4% and hours worked exceeded 7 million.
Kate Lamb, head of hard work statistics at ABS, said in Thursday’s statement: “The unemployment rate reached 4. 2 percent in July, and the number of unemployed expanded to 24,000 more people and approximately 58,000 people employed. This combined increased brought the participation rate to a record high of 67. 1 in line with the percent.
He continued: “The employment-to-population ratio increased from 0. 1 to 64. 3 percent, indicating that employment expansion outpaced population expansion and just below the all-time high of 64. 4 percent in November 2023. “
Lamb added: “Although the unemployment rate has risen by 0. 1 percentage point in each of the last two months, the record participation rate and near-record employment-to-population ratio demonstrate that there are still a high number of employed and active people to work. “
He noted that while unemployment reached 637,000 people in July, its highest point since November 2021, there are still about 70,000 people below pre-pandemic levels. The unemployment rate of 4. 2 percent is also higher than in November 2021. However, 1. 0 percent of the percentage emissions decreased from March 2020.
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Increases across the board of Deep Leads’ resources: quality, tonnage and target area ABx Group has reported a 30% increase in its mineral resource estimate (MRE) at Deep Leads’ rare ion adsorption clay (IAC) earth deposit in northern Tasmania. The accumulation in MRE comes from 36 tested outlets, representing a significant northward extension for the existing Deep Leads prospect.
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TMG is currently completing work for the PFS planned in early 2023, adding the start of drilling in the third quarter of 2022, evaporation testing and authorization activities. The effects of those systems will affect the PFS and any long-term resource updates.
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Despite the fall in oil and fuel prices, which fell by 5. 4% and 19. 7% respectively in August, Calima managed to show an improvement in its main indicators.
WT Financial Group Limited (WTL) is a developing diversified monetary company, founded in 2010 and indexed on the Australian Stock Exchange (ASX) in 2015. Its recommendations and product offerings are provided primarily through an organization of monetary advisors independents who act as legal representatives. of WTL under its broker organization businesses Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group). It has approximately 275 advisors in over two hundred money advice companies across Australia. It also operates a direct-to-consumer operation under its Spring Financial Group brand.
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This follow-up report was released today. Using comparables, after adding a monetary rebate to its EV estimate and dividing by the total number of percentages issued, Corporate Connect now puts the fair price of a percentage of Immutep at AU$2. 20.