Thursday’s labour force release for the month of November handed Victoria another unwanted title: the unemployment state.
As illustrated in the next chart, Victoria’s trend unemployment rate was the highest in the nation at 4.7%, significantly above the national average unemployment rate of 4.3%:
As illustrated below by Alex Joiner from IFM Investors, if you remove Victoria from the equation, then the national average falls to 4.17% and shows a significant 57-bps gap between Victoria’s unemployment rate and the rest of the nation:
Victoria’s trend underemployment rate of 6.6% is also the highest on the mainland and significantly above the national average of 5.9%:
As illustrated below by Justin Fabo from Antipodean Macro, Victoria has also seen the largest decline in online job postings out of the states:
Overall, it is a poor set of numbers if you are a Victorian.
