Australia saw much weaker than expected employment as the reopening of the country after the Covid Lockdown was not captured in the report. Unemployment rose to 5.2% from 4.8% expected. An even bigger miss in employment change, losing -46.3K jobs versus an expected 50K gain and prior -138K
October Jobs Highlights
- Employment Change: -46.3K for an ugly miss indeed expected 50K, prior -138K
- Unemployment Rate: 5.2% expected 4.8%, prior 4.6%
- Full-Time Employment Change: -40.4K prior was 26.7K
- Part-Time Employment Change: -5.9K vs. prior was -164.7K
- Participation Rate: 64.7% expected 64.9%, prior was 64.5%
- Underemployment 9.5% from 9.2% the previous month
- Labor underutilization rate 14.7% the highest since December 2020.
Australia Labor Market Report For October 2021
Employment Change: Employment in Australia unexpectedly declined by 46,300 to 12.83 million in October 2021, missing market forecasts of a 50,000 gain, as restrictions in several states continued amid sluggish vaccination rates. Full-time employment fell 40,400 to 8.94 million, and part-time employment dropped 5,900 to 3.89 million. Over the year to October, employment rose by 94,100 people or 0.7 percent.
Unemployment Rate: 5.2% v expected 4.8%, prior 4.6%
Australia’s seasonally adjusted unemployment climbed to 5.2% in October 2021 from 4.6% a month earlier and above market estimates of 4.8%. This was the highest reading since April, amid the Delta lockdowns in several states ahead of easing from mid-October.
- The number of unemployed jumped 81,800 to 707,300 as people looking for full-time work increased 42,200 to 460,400, and those looking for the only part-time added 39,300 to 246,900.
- The underemployment rate was up 0.3 points to 9.5 percent, and the underutilization rate rose 0.9 points to 14.7 percent.
- Monthly hours worked in all jobs dropped 1 million, or 0.1 percent, to 1,727 million hours.
Full-Time Employment Change: -40400 v prior 26700
Full Time Employment in Australia decreased by 40400 in October of 2021.
Part-Time Employment Change: -5,900 v prior -166,200
Part Time Employment in Australia fell by 5,900 Persons in October, compared to a drop of 166,200 Persons in September of 2021
Participation Rate: Labor Force Participation Rate in Australia increased to 64.70 percent in October from 64.50 percent in September of 2021.
Source: ABS, Trading Economics
The TradersCommunity News Desk
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