The Australian Bureau of Statistics (ABS) released data showing that the seasonally adjusted unemployment rate in Australia rose by less than 0.1 percentage points to 4.1% in June, in line with market expectations. ABS Labor Statistics Director Bjorn Jarvis said that there was an increase of about 0.05 million employed persons and an increase of about 0.01 million unemployed persons during the same period, with the unemployment rate rising slightly to 4.1% and the labor force participation rate increasing to 66.9%.

Jarvis said that the labor force participation rate was only 0.1 percentage points lower than the record high of 67% set in November 2023. The employment-to-population ratio increased by 0.1 percentage points to 64.2%, also approaching the historical high of 64.4% in November 2023.

He added that despite the unemployment rate being consistently above 4% since April, the employment-to-population ratio and labor force participation rate are both approaching historical highs, combined with sustained high job vacancies, indicating that the labor market remains relatively tight.

After seasonal adjustments, monthly working hours increased by 0.8%, roughly in line with the level of employment growth in recent months.