Unemployment rises


The ABS is out with October Labour Force and it is more numberwang:

  • unemployment rate increased to 3.7%.
  • participation rate increased to 67.0%.
  • employment increased to 14,173,500.
  • employment to population ratio increased to 64.5%.
  • underemployment rate remained at 6.3%. Monthly hours worked increased to 1,939 million.
  • full-time employment increased by 17,000 to 9,828,000 people.
  • part-time employment increased by 37,900 to 4,345,500 people.

My best guess is the ABS is not picking up the huge immigration surge quickly enough. It is clear the labour market has dramatically loosened:


The ABS survey needs a makeover.

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.