Germany: June Wholesale Price Index (MoM) falls 0.4%; (YoY) grows 0.7%

A rise in the Australian total employment of 10,300 in June was not enough to stop the unemployment rate from rising, hitting a fresh cyclical high of 5.7%, says Robert Henderson, NAB Economist, adding as a warning note that the current jobless rate is just 0.2 percentage points below the post-GFC high of 5.9%. According to Henderson, "The details of the report were grim with all the growth in jobs part timers, whereas employers cut back on full time workers – not a sign of improving sentiment." On balance, Henderson thinks the report adds to the case for a rate cut by the RBA in August.