CS: More unemployment rises ahead

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Via Damien Boey at Credit Suisse:

The April labour market report was mixed. Employment came in broadly in line with expectations, rising by 22.6K over the month. Full-time employment rose by 32.7K, while part-time employment fell by 10K. The unemployment rate rose to 5.6% from 5.5%, with the labour force participation rate rising to 65.6% from 65.5%.

Aggregate hours worked rose by a solid 1.1% in April, taking year-ended growth higher to 5.4% from 3.3%. This is the second fastest pace of growth in recorded history. By region, hours worked rose in most states, with the exceptions of SA and the ACT.

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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.