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ABS Labour Force for November is out and the news is boom! Versus 19k expected:
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
- Employment increased 61,600 to 12,403,000. Full-time employment increased 41,900 to 8,501,900 and part-time employment increased 19,700 to 3,901,100.
- Unemployment increased 4,100 to 707,700. The number of unemployed persons looking for full-time work increased 2,500 to 489,900 and the number of unemployed persons only looking for part-time work increased 1,700 to 217,800.
- Unemployment rate remained steady at 5.4%.
- Participation rate increased 0.3 pts to 65.5%.
- Monthly hours worked in all jobs increased 9.8 million hours (0.6%) to 1,740.9 million hours.
Without that big lift in participation the UE rate would have plunged. Aussie to the moon. Bonds flogged!
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.
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