Jobs growth revised down

3.Jobs growth revised down


(Australian Associated Press)

Employment growth over the past year has been revised down by more than 30,000.

The revisions, which reflect more up-to-date population estimates, now show employment growth of 212,500 over the year to July, 31,100 lower than the annual rise reported a month ago.

The figures from the Australian Bureau of Statistics showed the unemployment rate unrevised at 6.3 per cent, as high as it has been since 2002.

On a month-to-month basis, the revisions have been small, with the July rise of 38,500, which surprised economists with its strength, only scaled back to 37,900.

The monthly trend growth rate now estimated by the bureau as 16,500, compared with 17,800 previously.

The revisions are unlikely to surprise economists, or Reserve Bank of Australia governor Glenn Stephens.

In a speech in July, Mr Stephens suggested downward revisions were likely and would go some way toward resolving the tension between apparently strong employment growth and weak economic growth.

The August labour force figures will be released on Thursday.


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