The jobs market is softening slowly but the RBA has another smoking gun here if it wants to go again.
In seasonally adjusted terms, in May 2023:
- unemployment rate decreased to 3.6%.
- participation rate increased to 66.9%.
- employment increased to 14,011,800.
- employment to population ratio increased to 64.5%.
- underemployment rate increased to 6.4%.
- monthly hours worked decreased to 1,944 million.
- full-time employment increased by 61,700 to 9,826,200 people.
- part-time employment increased by 14,300 to 4,185,600 people.
UE grinding higher:
Wage killing underemployment is leading the way:
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Hours worked corrected delivering a productivity boom!
Lagging data and much worse ahead according to the leading indexes.
