Employment goes berserk!

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The Australian Bureau of Statistics has released its August Labour Force survey and the news is berserk:

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)

  • Employment increased 121,000 to 11,703,500. Full-time employment increased 14,300 to 8,094,300 and part-time employment increased 106,700 to 3,609,200.
  • Unemployment decreased 33,500 to 755,100. The number of unemployed persons looking for full-time work decreased 24,600 to 541,000 and the number of unemployed persons only looking for part-time work decreased 8,900 to 214,100.
  • Unemployment rate decreased 0.3 pts to 6.1%.
  • Participation rate increased 0.4 pts to 65.2%.
  • Aggregate monthly hours worked increased 0.1 million hours to 1 ,609.5 million hours.

At this point I think it best we revert to trend!

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TREND ESTIMATES (MONTHLY CHANGE)

  • Employment increased to 11,638,400.
  • Unemployment increased to 764,100.
  • Unemployment rate increased 0.1 pts to 6.2%.
  • Participation rate increased 0.1 pts to 65.0%.
  • Aggregate monthly hours worked increased 3.2 million hours (0.2%) to 1,613.6 million hours.

Dollar jumped half a cent which is pretty lousy given the numbers. Skeptical I would say. Stand by for ludicrous post from Mad Adam.

Much more to come…

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.