{"id":55718,"date":"2024-07-18T07:44:04","date_gmt":"2024-07-18T07:44:04","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=55718"},"modified":"2024-07-18T07:46:59","modified_gmt":"2024-07-18T07:46:59","slug":"australian-job-growth-surprise","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2024\/07\/18\/australian-job-growth-surprise\/","title":{"rendered":"Australian job growth surprise"},"content":{"rendered":"

Australian jobs grew by a surprising 50.2K, compared to consensus estimates of 20K, with total employment reaching 14.4 million.<\/p>\n

\"Australian<\/p>\n

But employment per capita remains steady at 64% because of the huge swell in immigration.<\/p>\n

\"Australian<\/p>\n

The unemployment rate ticked up to 4.1%, while trend remained steady at 4.0%, as the participation rate grew.<\/p>\n

\"Unemployment<\/p>\n

Total hours worked increased to 1.97 billion, a 1.3% increase in the trend since June 2023.<\/p>\n

\"Total<\/p>\n

Average hours worked (trend) declined to 136.6 hours in June, from 138.6 hours 12 months ago, reflecting slowing demand growth.<\/p>\n

\"Total<\/p>\n

Conclusion<\/h2>\n

Westpac believe that the strong June labor report points to a soft landing ahead. We are more skeptical. Soft landings are often promised and seldom materialize.<\/p>\n

China has reported deflation for the fifth quarter in a row. When your biggest trading partner suffers from deflation, it generally is bad news for you as well.<\/p>\n

\"China<\/p>\n

Acknowledgements<\/h4>\n