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The Australian Bureau of Statistics (ABS) today released an ugly labour force report for April, with employment decreasing by 18,600, the unemployment rate rising by 0.2% to 4.5%, despite the participation rate falling by 0.1%:
Table by Alex Joiner (IFM Investors)
As illustrated below by Justin Fabo from Antipodean Macro, the rise in unemployment was well above the Reserve Bank’s forecast in the May Statement of Monetary Policy:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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