February ABS Labor Force is out and the news is a weakening market:
TREND ESTIMATES
- Employment increased 20,600 to 12,762,800 persons. Full-time employment increased 12,300 to 8,743,400 persons and part-time employment increased 8,200 to 4,019,300 persons.
- Unemployment increased 1,800 to 673,100 persons.
- Unemployment rate remained steady at 5.0%.
- Participation rate remained steady at 65.6%.
- Monthly hours worked in all jobs increased 2.6 million hours to 1767.0 million hours.
SEASONALLY ADJUSTED ESTIMATES
- Employment increased 4,600 to 12,763,400 persons. Full-time employment decreased 7,300 to 8,742,700 persons and part-time employment increased 11,900 to 4,020,700 persons.
- Unemployment decreased 11,700 to 664,300 persons.
- Unemployment rate decreased 0.1 pts to 4.9%.
- Participation rate decreased 0.2 pts to 65.6%.
- Monthly hours worked in all jobs increased 3.1 million hours to 1769.9 million hours.
LABOUR UNDERUTILISATION
- The monthly trend underemployment rate decreased less than 0.1 pts to 8.1%. The monthly underutilisation rate decreased less than 0.1 pts to 13.1%.
- The monthly seasonally adjusted underemployment rate remained steady at 8.1%. The monthly underutilisation rate decreased 0.1 pts to 13.0%.
Market focused on falling participation and headline rate instead of the clear weakening in the job creation. Typical of a set-up with too many on side of the boat.
The real message here is weakening jobs with more to come.
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