Australia’s unemployment rate for June 2024 rises

The figures demonstrate the stop-start adjustments in the labour market despite what has been a clearly slowing and weak economy for some time, writes KPMG Chief Economist Brendan Rynne.

Despite the unemployment rate edging up from 4.0 per cent to 4.1 per cent in June, the labour market showed its continuing resilience in the face of economic slowdown, with over 50,000 more people finding jobs in June, significantly higher than the 20,000 expected. The participation rate edged up to 66.9 per cent, close to the record level of 67 per cent set last November, while the employment-to-population ratio also rose by 0.1 per cent to 64.2 per cent. The elevated levels of these indic...

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Authors: Brendan Rynne

Published Date: 19 July 2024