Aussie unemployment jumps

Via the ABS just now:

TREND ESTIMATES

  • Employment increased by 20,000 to 12,996,700 people. Full-time employment increased by 14,600 to 8,879,300 people and part-time employment increased by 5,400 to 4,117,300 people.
  • Unemployment increased by 600 to 709,600 people.
  • Unemployment rate remained steady at 5.2%.
  • Participation rate remained steady at 66.0%.
  • Monthly hours worked in all jobs increased by 0.9 million hours to 1,785.5 million hours.

SEASONALLY ADJUSTED ESTIMATES

  • Employment increased by 13,500 to 12,995,400 people. Full-time employment increased by 46,200 to 8,882,200 people and part-time employment decreased by 32,700 to 4,113,300 people.
  • Unemployment increased by 31,000 to 725,900 people.
  • Unemployment rate increased by 0.2 pts to 5.3%.
  • Participation rate increased by 0.1 pts to 66.1%.
  • Monthly hours worked in all jobs decreased by 8.1 million hours to 1,781.8 million hours.

LABOUR UNDERUTILISATION

  • The monthly trend underemployment rate remained steady at 8.5%. The monthly underutilisation rate remained steady at 13.7%.
  • The monthly seasonally adjusted underemployment rate increased by 0.3 pts to 8.6%. The monthly underutilisation rate increased by 0.5 pts to 13.9%.

Some jobs. Hours worked weak. Participation up. Most importantly, underemployment jumped, ending wages growth.

RBA humiliation complete but the Aussie dollar doesn’t care. It’s actually up from this morning.

More to come.

David Llewellyn-Smith

Comments

  1. Couple of large insurance companies are about to do a round of layoffs end of Q3
    Our organisation has already missed January revenue, will miss Q1, will look at laying off some sales Q2
    There is nothing

    • What im thinking is this is either health insurance per the recent articles about drop offs or asset/home insurance which would have to be paying out homes and assets destroyed by the bushfire and floods (not sure if that actually has an impact or not).

  2. Jumping jack flash

    There are a few solutions. Each as effective as the other. They can choose whatever one they think will be most likely to work.

    Quick! Lower the cash rate!
    That’ll create more jobs.

    Quick! Get Phil to dance on the RBA boardroom table in his loincloth, waving his shaman stick!
    That’ll create more jobs.

    Quick! Get Scotty to pray!
    That’ll create more jobs.

    • I think we’re at the stage of having to go for entertainment value. It needs to be filmed and put on YouTube and monetised in any way possible. That’s the only way to get some benefit out of the situation now.

      So in that vein I think suggestion number 2 would work. But i think we need to get our innovative, resilient and adaptive brains to work and figure out how Scotty from marketing can be YouTube monetised. Thoughts and prayers are visually a tad boring if you know what I mean?