Is rising unemployment adversely affecting residential property markets?

The unemployment rate in June ticked up to 5.7% from 5.5% the month before, according to figures released this week by the Australian Bureau of Statistics.

This is slightly higher than had been expected, with an AAP survey of 14 economists having tipped a 0.1% rise to 5.6%.

The increase was actually only 0.1% due to the fact that the original rate of 5.5% was revised at 5.6% and thus only moved 0.1% to 5.7%.

The economy added 14,800 new part-time positions in June, but lost 4,400 full-time jobs.

Unemployment increased 23,700 (3.5%) to 709,300.

The ABS had the number of persons looking for full-time work at 525,900 and the number of persons looking for part-time work at 183,400.

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