Australian Unemployment Rises to 3.7% with Unexpected -11,500 Job Losses

Australia saw weaker than expected employment in January driving unemployment to 3.7 per cent according to the latest jobs data from the Australian Bureau of Statistics. Employment fell by -11.,500 well below consensus for a 20,000 gain. Australia has had very tight labor market conditions with this move coming abruptly. The report may prompt some rethinking of the extent of RBA rate hikes ahead.

Australian Power Use

Australian January 2023 Employment

  • Employment Change: -11.5K (expected +20K), prior -14K
  • Unemployment Rate: 3.7% expected 3.5%, prior 3.5%
  • Full-Time Employment Change: -43.3K prior was +17.6K
  • Part-Time Employment Change: +31.8K prior was -32.2K
  • Participation Rate: steady at 66.5%, expected 66.6%, prior was 66.6%
  • Seasonally adjusted monthly hours worked -2.1%
Australia Employment Change
Australia Unemployment Rate
Australia Unemployed Persons
Australia Labor Force Participation Rate

Source: ABS, Trading Economics

From a Sunburnt Country

The TradersCommunity News Desk