Australian unemployment numberwang rolls on

Via ABS Labor Force just now and the numberwang continues with an absurd 178k jobs created versus consensus of -40k based upon the ABS’s own payrolls data:

Seasonally adjusted estimates for October 2020:

Unemployment rate increased to 7.0%.

Participation rate increased to 65.8%.

Employment increased to 12,773,900.

Employment to population ratio increased to 61.2%.

Underemployment rate decreased to 10.4%.

Monthly hours worked increased by 21 million hours.

Honestly, the ABS has just about destroyed its credibility on the labour market.

Much more to come…

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.