The June labour market data disappoints with no growth and a small rise in the Jobless rate. Expectations for an RBA rate cut rise

After level-pegging in May, the June labour market report has revealed just a +2,000 jobs gain. Analysts were expecting a +20,000 gain.

Worse, that was made up of fall of -38,200 full-time jobs, and a rise of +40,200 part time jobs. This is almost the reverse of what was expected.

The jobless rate rose to 4.3% on a seasonally adjusted basis. It is 4.2% on an actual basis, up from 4.0% in may.

There are now 14,652,000 employed workers, just shy of the record high of 14,715,000 in May, as seasonal factors shift the labour market. 10,074,000 of them (68.8%) are in full-time work.

The employment-to-population ratio remained at 64.2%, and the participation rate rose to 67.1%. That is down from the record high participation rate of 67.5% in December 2024.

Hours worked fell -0.9% in June, following a rise of +1.4% in May.

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