Australian dollar launches on lower unemployment

by Chris Becker

The ABS Numberwang is out and with a tick down in the unemployment rate, the Aussie dollar bulls are laughing at the bears!

The Kiwi is higher too in sympathy:

More from Leith later on the nuts and bolts of the report.

Comments

    • reusachtigeMEMBER

      LOLOLOL! This is so typical of youse on here. How many years or decades have you all been wrong. Every single time, which is all the time, good news arrives youse all spout loser nonsense like “but how can this be true when our perma-neg thoughts keep telling us the country is sh1t”. Again, LOLOLOL.

      • Kind a have to agree with @reusachtige…MB are prone to suffer from what I call CLS (Chicken little syndrome) aka the sky is falling in. It’s self fulfilling prophecy…if you espouse a market crash long enough it eventually happens and then you say “I told you so”…

  1. Numberwang when the facts don’t fit with the MB narrative of Australian economic Armageddon. +1 to the she’ll be right mate crowd.

    • The “she’ll be right crowd” spent last year bent over a barrell being sodomized like a choir boy on Sunday. Hold onto that +1, you’ll need it in the year ahead 😂

      • reusachtigeMEMBER

        Yeah yeah whatevs. It used to be every 5 years youse on here spewed your foul sickness but come back in 18 months with the same tired perma-neg rubbish.

      • @Gav I will have to deduct 1000 points from your balance – for mentioning that retarded babyspeak esperanto of the programming languages that is Java Script.

        I’ve been wrestling with that delusional piece of cräp for a little while… how can you tell?

    • Ridetheclutch – its called numberwang because of the inherent volatility within the report itself, with a +/- 0.2% variability in the headline print.
      Thank the Coaltion for defunding the ABS, which cant even put out a half decent CPI report either – or monthly like the rest of the world.

  2. Bloody hell!! I was really expecting this one to be the one showing the cracks but they have managed to plaster over it again. Numberwang for PM!

    • GunnamattaMEMBER

      That was my takeaway.

      Full time gigs down, part time gigs well over consensus.

      Essentially just a release to get the cheeks wider, and out of the way of the bigger ream being readied for insertion

  3. Wouldn’t have expected this to be the big one (in terms of worsening employment). It’s for Dec. All those anecdotal tradies told to take Jan off and come back in Feb to see if there is any work, that isn’t going to show up until March at least. All those retain chains going bust after Xmas won’t show up in Dec figures either.

    Employment is a lagging indicator.

    Won’t show up for ages.

    • Correct. And the existing construction pipeline is strong for now, the weakness is in lead indicators – approvals and starting to be felt in commencements. I wouldn’t like to be working in FIRE sector at present, surely a lot of nervous property professionals hanging in there, but the last couple of months were brutal in volume terms.

      Then further down the track I suspect the NSW government will have to rethink its infrastructure spend given the shrinking stamp duty revenues, land sales and problematic business cases based on a lot of high rise property development.

  4. Divide et impera

    Computers being fed assuaged data are buying the dollar – its entirely against a pre-defined set of rules – not actual people.

  5. Big disconnect between the ABS stats & Roy Morgan.

    Roy Morgan says Unemployment in December 2018 was 9.7% and under-employment is 8.8%.

    Total unemployed 1,302,000 – unchanged.
    Total seeking work 1,178,000 – small drop, they gave up, no jobs for them.
    Rural & remote unemployment up.
    Buggered if I know what jobs the migrants would steal if they are redirected into rural & remote area when we have up to 40% youth unemployment in some areas.

    Anyway, that is 2.48 million Australians with no job.
    10% of all Australians.
    18.1% of Australians / PR that could work but no job.
    And 1.3 million on the dole queue, costing the Australian taxpayer $24 billion a year.

    2.48 million out of work or seeking work, is ironically almost the same number of Temporary Residents (2.41 million) we now have in Australia.

    So it’s 1 for 1 in job theft, plus lower wages for everyone else – debasing all Australian’s wages & standard of living.

    Maybe the market was happy that Australian jobs & wages are increasely converging to the imported third world migrant guestworkers labor rates & conditions?

    -/-
    Roy Morgan. Jan 2019.
    January 18 2019 Finding No. 7845 Topic: Unemployment Press Release Country: Australia
    Australian unemployment of 9.7% (down 0.1%) and under-employment of 8.8% (down 0.8%) are both down on a year ago driving a 0.9% fall in overall labour under-utilisation to 18.5% (2.5 million)

    The latest data for the Roy Morgan employment series for December shows:

    The workforce, which comprises employed Australians and those who are unemployed and looking for work,
    Unemployed Australians and those who are unemployed and looking for work, is now 13,376,000, down 34,000 on a year ago.12,074,000 Australians were employed in December, down 24,000 over the past year;
    The decrease in employment was driven by a drop in part-time employment of 89,000 to 4,115,000. An increase in full-time employment of 65,000 to 7,959,000 wasn’t enough to offset this drop;
    1,302,000 Australians (9.7% of the workforce) were unemployed in December, virtually unchanged on a year ago and the unemployment rate is down by only 0.1%;
    In addition 1,178,000 Australians (8.8% of the workforce) were under-employed, working part-time and looking for more work, a decrease of 110,000 in a year (down 0.8%).
    In total 2,480,000 Australians (18.5% of the workforce) were either unemployed or under-employed in December, a decrease of 120,000 in a year (down 0.9%);
    Roy Morgan’s real unemployment figure of 9.7% for December is significantly higher than the current ABS estimate for November 2018 of 5.1%.