Australian unemployment jumps

The ABS is out with April Labour Force and the news is higher unemployment:

TREND ESTIMATES

  • Employment increased 20,700 to 12,814,800 persons. Full-time employment increased 14,700 to 8,793,900 persons and part-time employment increased 6,100 to 4,020,900 persons.
  • Unemployment increased 6,100 to 689,600 persons.
  • Unemployment rate remained steady at 5.1%.
  • Participation rate remained steady at 65.7%.
  • Monthly hours worked in all jobs increased 5.6 million hours to 1,786.0 million hours.

SEASONALLY ADJUSTED ESTIMATES

  • Employment increased 28,400 to 12,822,900 persons. Full-time employment decreased 6,300 to 8,792,700 persons and part-time employment increased 34,700 to 4,030,200 persons.
  • Unemployment increased 21,200 to 703,900 persons.
  • Unemployment rate increased 0.1 pts to 5.2%.
  • Participation rate increased 0.2 pts to 65.8%.
  • Monthly hours worked in all jobs increased 2.5 million hours to 1,788.5 million hours.

LABOUR UNDERUTILISATION

  • The monthly trend underemployment rate remained steady at 8.3%. The monthly underutilisation rate increased 0.1 pts to 13.4%.
  • The monthly seasonally adjusted underemployment rate increased 0.3 pts to 8.5%. The monthly underutilisation rate increased 0.4 pts to 13.7%.

Not terrible numbers in jobs growth but the headline unemployment rate is up and check out the underemployment surge.

Lock in your June rate cut. Australian dollar bashed. Bonds boom.

More to come.

Comments

  1. Yea not sure those figures are hearty enough for RBA to move on unemployment. Those movements are as interesting as counting ants on an anthill. SMH is flagging a Shorten cash injection post election ($1000?) which will fix consumer spending for 18 mths.

    • That article (or more specifically the idiot CBA economist quoted in said article) has won my weekly “Ken Henry Award for Outstanding Achievement in Banking Bullsh!t.”

    • DominicMEMBER

      Shorten handing out the stolen loot like its confetti.

      What a generous fellow.

  2. Not sure about rate cut in jun…trend unemployment rate remained steady in April 2019 at 5.1%
    “The unemployment rate remained at 5.1 per cent for a second month, 0.4 percentage points lower than the same time last year”

  3. rate cut not going to happen in June. RBA will leave some bullets in the chamber for some actual bad numbers.

    • Is that the figure.
      Must admit,l can’t believe the number of people l know with election related employment,and also how easily they got the jobs- big time hiring.

      • I read somewhere, but is surely the federal election. These figures would include NSW poll workers

  4. User_SydMEMBER

    Hold the rate, hold the rat, hol the ra, hol th r, ho t r, hotr

    ABS: here’s the unemployment rate
    RBA: HOTR

    The GoTers will get it

  5. ➡️David Llewellyn-Smith houses & holes.

    These ABS stats aren’t the real story.

    Roy Morgan real facts April 2019 latest stats.

    Jobs have reduced
    Unemployment has risen
    Real wages continue to fall as does tenure.

    2.8 million Australians/ PR are unemployed or seeking work.
    And we have 2.561 million TR in the country with at least 1.4 million working illegally!! (posted before in detail)
    plus another 440k tourist visitors (5% of 8.8 million tourist visitors – DHA parliamentary submission) dominated now by Chinese Indians south east Asians etc) also working illegally.

    So that’s some 2.9 million mostly third world migrant guestworkers on some visa pretext in Australia with the vast majority working & living illegally.
    1 migrant guestworker for every Australia or PR unemployed or seeking work.
    1 for 1.
    -/-
    absolutely destroying Australians jobs wages housing education services etc…

    Roy Morgan
    April 16 2019 Finding No. 7948 Topic: Unemployment Press Release Country: Australia

    Australian unemployment increased to 1.49 million in March (10.9% of the workforce) with an additional 1.32 million now under-employed as overall employment is down on a year ago

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

    The workforce, which comprises employed Australians and those who are unemployed and looking for work, increased by 65,000 to 13,649,000 on a year ago.

    However, despite the increasing workforce, now 216,000 fewer Australians were employed in March than a year ago, down to 12,158,000;
    The fall in employment was driven by a significant decrease in part-time employment of 203,000 to 4,228,000. Over the past year full-time employment was virtually unchanged down by 13,000 to 7,930,000;
    The lack of jobs and increasing workforce drove a significant increase in unemployment. Now 1,491,000 Australians (10.9% of the workforce) were unemployed, up 281,000 on a year ago and the unemployment rate is up by 2%;
    An additional 1,321,000 Australians (9.7% of the workforce) were under-employed, working part-time and looking for more work, a decrease of 41,000 in a year (down 0.3%);
    In total a record high 2,812,000 Australians (20.6% of the workforce) were either unemployed or under-employed in March, an increase of 240,000 in a year (up 1.7%);
    Roy Morgan’s real unemployment figure of 10.9% for March is significantly higher than the current ABS estimate. “