Useless unemployment figure plummets

Via the ABS Labour Force release just now:

SEASONALLY ADJUSTED ESTIMATES

  • Employment increased 111,000 to 12,583,400 people. Full-time employment increased 36,200 to 8,584,500 people and part-time employment increased 74,800 to 3,998,900 people.
  • Unemployment decreased 86,500 to 921,800 people.
  • Unemployment rate decreased 0.7 pts to 6.8%.
  • Underemployment rate remained steady at 11.2%.
  • Underutilisation rate decreased 0.7 pts to 18.0%.
  • Participation rate increased by 0.1 pts to 64.8%.
  • Monthly hours worked in all jobs increased 1.6 million hours to 1,683.4 million hours.

AUD jumps on a completely false signal. The ABS should be quietly taken out the back and shot.

More to come.

David Llewellyn-Smith
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Comments

  1. the drop from 1500 to 1200 a f/n JK will still keep plenty of people just above water, particularly if a couple, for now.
    May tighten things up for while and be a bit uncomfortable, but livable for many. Particularly if they accessed a few chunks of super as well. Could a couple both claim their 10k each x 2 ??
    Its next year the smashening should start …… but
    I’m fearing we are going to squeak through this ala GFC style.

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