Australia Adds 50,200 Jobs Despite Unemployment Rise; Market Reacts to Mixed Economic Signals
July 19, 2024
Australia's job market added 50,200 new jobs in June, showing resilience.
The unemployment rate rose slightly to 4.1%, with increased participation and employment rates.
The ASX 200 experienced a minor decline in response to the job market news.
China's reduction in urea exports has impacted global supply chains.
Domino's Pizza Enterprises' stock fell following store closures in Japan and France.
The Reserve Bank of Australia (RBA) is expected to maintain steady interest rates amidst mixed job data and inflation trends.
Wilmar Sugar Mills faced worker strikes leading to shutdowns and revenue losses.
CFMEU organizers in Victoria were fined for hostile conduct.
FMG stock dropped by 0.6% due to job losses.
Investors and policymakers are closely monitoring these developments to evaluate Australia's economic outlook.
Summary based on 6 sources
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Sources
The Guardian • Jul 18, 2024
Australia’s unemployment rate inches higher to 4.1% in June making a rate cut less likely
ABC News • Jul 18, 2024
As it happened: Unemployment up slightly to 4.1pc in June, ASX closes lower
Seeking Alpha • Jul 18, 2024
Australia's jobless rate at 4.1% in June above estimates
Investing.com • Jul 18, 2024
Australia June jobs jump 50,200, unemployment still up