Job numbers miss

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The ABS has released September job numbers are they are soft:

TREND ESTIMATES (MONTHLY CHANGE)

  • Employment increased 3,900 to 11,959,500.
  • Unemployment decreased 3,100 to 715,100.
  • Unemployment rate decreased by less than 0.1 pts to 5.6%.
  • Participation rate decreased by less than 0.1 pts, but remained at 64.7% in rounded terms.
  • Monthly hours worked in all jobs increased 2.2 million hours to 1,660.4 million hours.

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)

  • Employment decreased 9,800 to 11,947,200. Full-time employment decreased 53,000 to 8,105,300 and part-time employment increased 43,200 to 3,841,900
  • Unemployment decreased 12,500 to 705,100. The number of unemployed persons looking for full-time work decreased 7,400 to 492,300 and the number of unemployed persons only looking for part-time work decreased 5,100 to 212,800.
  • Unemployment rate decreased 0.1 pts to 5.6%.
  • Participation rate decreased 0.2 pts to 64.5%.
  • Monthly hours worked in all jobs increased 4.0 million hours to 1,660.0 million hours.

Big miss on job gains offset by big fall in the participation rate which lowered the unemployment rate. Dollar took a hit.

Full report 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.