Unemployment & Jobs Data for Australia

[mullokintyre]

Australian Unemployments has risen to 3.9%, an 18 month high.
This is perhaps unsurprising given the huge influx people into Australia over that time.
From Evil Murdoch press

Underemployment – which measures the share of workers who are trying to get more hours but are unable to – inched up to 6.5 per cent, according to the ABS’s seasonally adjusted figures, higher than a year earlier but still well down on pre-pandemic levels of over 8 per cent.

The workforce participation rate lifted by 0.2 percentage points to a new high of 67.2 per cent in November, with the boosted available workforce swamping the month’s employment growth.

The share of the working age population with jobs lifted back to a historical high of 64.6 per cent, the ABS figures showed.

The ABS’s latest report also included a “major” upward revision to the civilian population from October, which meant the unemployment rate for that month was upgraded from the previous estimate of 3.7 per cent to 3.8 per cent.

Nice to see that the ABS has taken a leaf out of the US and started to do upward revisions of previous data. It is unlikely to generate the same headlines as the original reporting.
Mick

 

[mullokintyre]

Another month, another increase in unemployment.
From Evil Murdoch press

So at what level is it that enemployment becomes a political issue?

From that late 2022 low of 3.4% we have now increased to 4.1%
Is the magic figure 4.5%? Maybe that long term level pre covid days of just above 5%?
Mick

 

[mullokintyre]

As Australia continues to bring in record migration numbers, Employment stats will getting worse, jus because of the economic slowdown.
Apart from all the bankruptcies in OZ, which have been increasing, we are starting to sees some layoffs in the private sector.
Ansell have announced it is going to cut 1300 jobs.
As discussed in AFR,

Leading company directors predict a shake-out in the job market this year as wages and price pressures bite and business looks to make cost savings.

The directors, on the boards of companies in sectors as diverse as Westpac, Lendlease, Costa, Tabcorp, Seek, IAG and Rio Tinto, largely predict a soft landing for the economy as rate pressures start to ease, but they also warn that growth and investment will remain constrained and boards are shifting their focus to hiring freezes and job cuts.

A tsunami of regulatory change, including the latest workplace laws are not helping, they warn.

There have been job cuts in WA

Over the past three weeks, more than 1,800 job cuts were announced in Western Australia (WA) alone, including the looming closure of Alcoa’s alumina refinery, and the shutdown of several mining operations.

On January 8, Panoramic Resources, which entered voluntary administration in mid-December, announced that mining at its Savannah nickel project in WA’s Kimberley region would be suspended. This meant the immediate sacking of around 140 employees and the end of work for 160 workers engaged through labour contractor Barminco.

There will be further cuts as Nickel mines get mothballed or closed all together.
I am still predicting a slow down to a recession this year.
mick

 

[mullokintyre]

 

[mullokintyre]

From Evil Murdoch Press

The unemployment rate has jumped to 4.1 per cent, from 3.9 per cent in the month before, despite a 38,500 lift in the number of jobs in April, new official statistics have revealed.
The unemployment rate over recent months has defied a slowing economy to remain around 30-year lows, but the latest figures from the Australian Bureau of Statistics reverse these gains to return the jobless rate to where it was in January.

The monthly jobs growth was solely in part-time employment, which climbed by 44,600 people, offset by a 6100 fall in full-time employment. That left total hours worked broadly unchanged between March and April, the seasonally adjusted figures showed.

So as has been consistently happening, there is a loss of full time jobs offset by a small gain in part time jobs.
Inna side note, the ABS also revised upwards last months unemployment to 3.9%


Mick

 

[Knobby22]

From Evil Murdoch Press

So as has been consistently happening, there is a loss of full time jobs offset by a small gain in part time jobs.
Inna side note, the ABS also revised upwards last months unemployment to 3.9%
View attachment 176953

Mick

I know if we fell on hard times, we would end up working 4 day weeks.

 

[qldfrog]

I know if we fell on hard times, we would end up working 4 day weeks.

that was a strategy for the corporate I worked for during GFC scare, perfect in my case smf common when you have a good team you want to keep

 

[mullokintyre]

 

[mullokintyre]

The ABS released the latest jobs data report.
The good part.
The number of emp[loyed people went up by 14,000.
The number of hours worked went up.
The not so good parts are that unemplyoment went up.
Although the number of jobs increased by 0.3%, the hours worked only increased by 0.2%
Hence people worked less hours than previous month.

Mick

 

[divs4ever]

The ABS released the latest jobs data report.
The good part.
The number of emp[loyed people went up by 14,000.
The number of hours worked went up.
The not so good parts are that unemplyoment went up.
Although the number of jobs increased by 0.3%, the hours worked only increased by 0.2%
Hence people worked less hours than previous month.
View attachment 182623
Mick

at each job , perhaps ?

will be interesting to see what the 'deep-dives' reveal

 

[mullokintyre]

The ABS released the latest jobs data report.
The good part.
The number of emp[loyed people went up by 14,000.
The number of hours worked went up.
The not so good parts are that unemplyoment went up.
Although the number of jobs increased by 0.3%, the hours worked only increased by 0.2%
Hence people worked less hours than previous month.
View attachment 182623
Mick

I made an error in my stats, should have had employment going up by 44,000 , not 14,000.
And if you use the "seasonally adjusted" figure of 58,000 new jobs it looks even better.
Mick

 

[qldfrog]

I made an error in my stats, should have had employment going up by 44,000 , not 14,000.
And if you use the "seasonally adjusted" figure of 58,000 new jobs it looks even better.
Mick

I often wonder why anyone still care about any ABS data.
As reliable as inflation figures.
When in active business, i was ordered to fill their relentless surveys which ultimately i filled with the utter content they deserved when they asked me to read into my crystal ball.
While no friend of CBA, i found their own economics much much better and reliable regarding the true state of the economy. But i guess as the abs dummy numbers are used here and o/s to trigger market moves and political decisions, they do have a weight on the market however fake they might be...

 

[mullokintyre]

Todays Unemployment stats have put another nail in the coffin of the Interest rate Reduction meme.
From Evil Murdoch Press


Mick