The unemployment rate is expected to remain stable or decline further as labor demand remains strong when the Australian Bureau of Statistics releases its latest labor force data.
In June, the unemployment rate fell to 3.5%, the lowest rate in 48 years.
The extremely low unemployment level meant that in June there was actually one unemployed person for every vacancy.
CommSec senior economist Ryan Felsman predicts the unemployment rate will remain unchanged at 3.5% when the ABS releases its July data Thursday and expects around 20,000 jobs to be added.
NAB economist Taylor Nugent offered a similar prediction, noting that the July numbers “carry more than the usual level of uncertainty.”
He said the sharp drop in unemployment data in June was “more a signal than a sound,” but said there were technical reasons to believe that July data would be weaker despite relentless competition from the market. work.
The Reserve Bank of Australia expects a further decline in the unemployment rate given the strong demand for labor and the high number of jobs available.
The tightening on the labor market has yet to materially translate into higher wages, with the wage price index slightly below expectations on Wednesday.