HONG KONG (MarketWatch) — Australia’s economy added jobs in July, upending expectations for job losses, with the nation’s unemployment rate holding steady at 5.8% and helping bolster the portrait of an improving economy.
The nation recorded 32,200 new jobs in the July on a seasonally adjusted basis, the biggest monthly gain in employment since June last year, the Australian Bureau of Statistics said Thursday.
The result was a major deviation from analysts’ expectation for 20,000 job losses, according to forecasts reported by Reuters.
But tempering the upbeat tone, the number of full-time jobs fell by 16,000, while the part-time positions increased by 48,200.
Those seeking full-time employment fell by 4,800, while seekers of part-time jobs increased by 5,600.
Which sounds to me a lot like employers choosing to cut down hours rather than fire people, and also like the unemployed giving up on finding full-time work and settling for part-time employment instead.
Still, cannot be denied that the market has been on a bit of optimism Kool-Aid recently, so shouldn’t be too much of surprise that that has transferred to jobs. However, the fact that fundamentals in the NZ, Australia, and the US haven’t changed as much as they need to should be a cause for concern, more on that later.