Australia July employment jumps 58,220, unemployment at 2-1/2 high By Reuters

SYDNEY (Reuters) – Australian employment sped past forecasts for a second straight month in July, yet the jobless rate still ticked higher as worker participation hit record peaks in a sign labour demand remains solid despite high borrowing costs.

Figures from the Australian Bureau of Statistics on Thursday showed net employment rose 58,200 in July from June, when they jumped 52,200. That was well above market forecasts for a 20,000 rise. Full-time employment surged 60,500, for a third month of strong gains.

The jobless rate ticked up to 4.2%, the highest since early 2022 and above forecasts of 4.1%. The participation rate rose to an all-time high of 67.1%, while hours worked rose 0.4%.