Today’s release by the Australian Bureau of Statistics (ABS) of the Labour Force data for July 2012 reveals a fairly flat labour market with modest gains in employment and hours worked which were sufficient to outstrip the underlying labour force growth and so unemployment fell by 2,500. That decline in unemployment was aided by a declining participation rate. In other words, some of the decline in unemployment was due to a modest increase in hidden unemployment. Certainly this data is not consistent with any notions that the Australian labour market is booming or close to full employment. The most continuing feature that should warrant immediate policy concern is the appalling state of the youth labour market. My assessment of today’s results – positive outcome but very weak (mostly flat) trend. The economy is just creeping along when it comes to creating jobs.