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Via the ABS comes December Labour Force. 3.5% UE was an increase of 10bps but NOV was revised up the same. Falling jobs, PR, and hours worked. Underemployment is the key chart for wages. Expect it to rise ahead as the economy follows house prices down and cheap foreign labour pours in.
In seasonally adjusted terms, in December 2022:
- unemployment rate remained at 3.5%.
- participation rate decreased to 66.6%.
- employment decreased to 13,747,100.
- employment to population ratio decreased to 64.3%.
- underemployment rate increased to 6.1%.
- monthly hours worked decreased to 1,888 million.
- full-time employment increased by 17,600 to 9,619,000 people.
- part-time employment decreased by 32,200 to 4,128,100 people.
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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.
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