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…

David Llewellyn-Smith
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