Unemployment remained at 3.4% in July; labour force participation rate hit record high
Labour market remained steady in July, with the unemployment rate unchanged at 3.4% (Jun: 3.4%)
- Unemployed persons (-0.4% MoM; Jun: -0.5%): continue to decline for 24 consecutive months, albeit at a slower pace than the previous month.
- The number of unemployed persons fell to 579.2k (Jun: 581.7k), the lowest since February 2020 (525.2k), indicating that the labour market has gradually returned to the pre-pandemic level. Additionally, the actively unemployed fell to 464.7k (Jun: 466.9k), the lowest since April 2020 (459.8k).
Employment growth expanded at a steady pace for 24th straight month (0.2% MoM; Jun: 0.2%), hitting 16.34m people, a new record high
- Labour force: growth moderated (0.1% MoM; Jun: 0.2%), and the total labour force reached a record high of 16.91m persons (Jun: 16.89m).
- New job creation: eased slightly (27.2k; Jun: 28.3k) to a seven month low.
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