Australia Jobless Rate Hits Near Five-Year High Amid Cooling Labor Market

Australia's jobless rate rose to a near five-year high of 4.5% in July, according to data released by the Australian Bureau of Statistics. This marks the highest point since late 2021 and adds to signs of a cooling labor market.

The report also showed that net employment fell by 15,800 in July from June, when it jumped by a revised 80,300. The jobless rate was above a forecasted 4.4%, running ahead of the Reserve Bank of Australia's expectation that it will be at 4.5% by the end of the year.

Ben Udy, lead economist for Oxford Economics Australia, noted that 'Today's data are a touch weaker than the bank had pencilled in and, together with yesterday's softer wage growth, keep the pressure off the RBA to hike anytime soon.'