Despite a recent slew of economic data showing a weakening Australian economy, the Australian labour market continues to show resilience. According to a report released by the abs today, 11,000 new jobs were added in the month of July whilst the unemployment remained at 4.3%.
Employment is a lagging indicator and we shouldn't be too surprised that the economy is still adding jobs. Firms typically don't lay off employees until they absolutely have to.
That said, with a reduction in the number of job advertisements and the employment components of the PMI, PSI and PCI all now showing contraction, don't be surprised to see the unemployment rate to start and tick up before the end of the year.