The Australian Bureau of Statistics has just released its November Labour Force survey and the results are a healthy beat to the upside:
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
- Employment increased 42,700 to 11,637,400. Full-time employment increased 1,800 to 8,059,400 and part-time employment increased 40,800 to 3,578,000.
- Unemployment increased 4,700 to 777,700. The number of unemployed persons looking for full-time work increased 13,500 to 545,900 and the number of unemployed persons only looking for part-time work decreased 8,800 to 231,700.
- Unemployment rate increased by less than 0.1 pts to 6.3%.
- Participation rate increased 0.1 pts to 64.7%.
- Aggregate monthly hours worked decreased 4.4 million hours (0.3%) to 1 ,610.6 million hours.
Good news versus 15k expected but it’s backward looking, the monthly hours were poor and part time, schmart time, to be frank. Unemployment is still rising. It’ll keep the dollar up for a bit and that’s about it given the mounting headwinds.
More to come.
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