Aussie unemployment is still rising

Amid the frenzy of economists calling rate holds and hikes, Westpac is making the most sense today.

The bank argues that after a poorer performance in September, employment was stronger than anticipated in October, resulting in growth on a three-month average that was about ½ppt slower than it was six months prior.

Moreover, the unemployment rate decreased by 0.1 percentage points from a “thin” 4.5% (4.45%) to a “fat” 4.3% (4.34%); even after accounting for monthly volatility, the figure is still plainly on the rise.

Finally, all of the “whiplash” in unemployment over the last two months was caused by youth joblessness.

The trend to higher unemployment is intact across the cohorts.

Sound analysis.