The ABS has just released labour force data for the month of November, which reported the following:
NOVEMBER KEY POINTS
TREND ESTIMATES
- Employment increased 28,800 to 12,694,800. Full-time employment increased 19,300 to 8,692,500 and part-time employment increased 9,500 to 4,002,300.
- Unemployment decreased 3,000 to 684,400. Male unemployment decreased 500 persons and female unemployment decreased 2,500 persons.
- Unemployment rate decreased 0.1 pts to 5.1%, the lowest since early 2012.
- Participation rate increased 0.1 pts to 65.7%, the highest trend participation rate ever.
- Monthly hours worked in all jobs increased 2.7 million hours to 1762.2 million hours.
SEASONALLY ADJUSTED ESTIMATES
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- Employment increased 37,100 to 12,694,300. Full-time employment decreased 6,400 to 8,684,600 and part-time employment increased 43,400 to 4,009,600.
- Unemployment increased 12,500 to 683,100. Male unemployment increased 11,500 persons and female unemployment increased 1,000 persons.
- Unemployment rate increased 0.1 pts to 5.1%.
- Participation rate increased 0.2 pts to 65.7%.
- Monthly hours worked in all jobs decreased 3.3 million hours to 1,759.5 million hours.
LABOUR UNDERUTILISATION
- The monthly trend underemployment rate increased less than 0.1 pts to 8.4%. The monthly trend underutilisation rate remained steady at 13.5%.
- The monthly seasonally adjusted underemployment rate increased 0.2 pts to 8.5%. The monthly seasonally adjusted underutilisation rate increased 0.2 pts to 13.6%.
So, decent jobs growth (but all part-time) more than offset by rising participation, which caused the lift in both unemployment and underemployment. Total hours worked also fell.
On the face of it, a failry weak report. I’ll be back soon with a detailed assessment.
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