Unemployment rate falls sharply

The ABS has released its November Labor Force survey and despite other indicators and a consensus expecting 5.5%, unemployment has again fallen to 5.2%. “Mad” Adam Carr will be thrilled. The rest of us baffled.

• Employment increased 13,900 (0.1%) to 11,546,400. Full-time employment decreased 4,200 to 8,132,200 and part-time employment increased 18,100 to 3,414,200.
• Unemployment decreased 16,300 (2.5%) to 637,400. The number of persons looking for full-time work decreased 8,500 to 461,800 and the number of persons looking for part-time work decreased 7,800 to 175,500.
• The unemployment rate decreased to 5.2%, a decrease of 0.1 pts based on unrounded estimates.
• The participation rate decreased 0.1 pts to 65.1%.
• Aggregate monthly hours worked increased 1.3 million hours to 1,622.0 million hours.

Here’s the particiaption rate:

And unemployment rate:

Dollar to the moon:

P.S. Please try to recall, Adam, as you dance with triumph and trash the RBA, that the reson for the low UE rate is the low cash rate.