This article has been translated from English to Gen Z Slang.
Australia’s job scene low-key popped off in July, with that unemployment vibe creeping down to 4.2% from 4.3% in June, according to Thursday's tea spilled by the Australian Bureau of Statistics. 🎉
This fresh intel comes just a couple days after the RBA pulled a sneaky on interest rates, dropping them by 25 basis points to 3.6%. RBA’s big talker, Governor Michele Bullock, gave us the scoop that while the job market’s been chillin’ lately, some signs are saying it's still feeling kinda snug. 👀
Key Vibes from July's Job Tea
- Unemployment rate: Dropped to 4.2% (seasonally adjusted) from June's 4.3%
- Employment growth: Added 24,500 gigs, keeping up with the market's mood
- Full-time gigs: Zoomed up by 60,500
- Part-time gigs: Down by 35,900
- Participation rate: Held steady at the iconic 67.0%
- Monthly hours worked: Nudged up by 0.3% to a cool 1,987 million hours
Link to official ABS Australia Labour Force Report
The glow-up in full-time gigs is a sharp flex compared to June’s meh vibes, where just 1,000 jobs were snagged, and everyone was stressing about the job sitch looking sus. 🤷♂️
This bump of 60,500 full-time positions is giving major fit check health to the job market, decreasing the chance of another RBA rate cut in September, with traders now eyeing November for that next move.
Market Reactions
$AUD vs. Major Currencies: 5-min Tea
Overlay of $AUD vs. Major Currencies Chart by TradingView
The $AUD ain't playing and popped off right after the jobs deets hit, with AUD/USD climbing about 30 pips from 0.6540 to just under 0.6570 in the first half hour. It held that boss level through the Asian session, chillin' mostly between 0.6560 and 0.6570 while flexing on most major currencies. 💪
Traders sighed with relief after June's bleh 1,000 job stat got a glow-up with a 24,500 gain. That, with record-level female workforce participation and a softer US dollar on whispers of potential 50-basis-point Fed cuts from Treasury Secretary Bessent, kept the Aussie dollar pretty solid. 🌊
An hour in, $AUD started to vibe lower as traders maybe geared up for today’s US PPI and jobless claims tea drop. But no cap, the Aussie is still flexing in positive territory against everyone except the beastly Japanese yen. 😅
