Australian Employment Hit by Reopening of Victoria and NSW

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

Australian Power Use

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. 

Australia Employment Change

 

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.
Australia Unemployment Rate

 

Full-Time Employment Change: -40400 v prior 26700

Full Time Employment in Australia decreased by 40400 in October of 2021.

Australia Full Time Employment Change

 

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

Australia Part Time Employment Change

 

Participation Rate: Labor Force Participation Rate in Australia increased to 64.70 percent in October from 64.50 percent in September of 2021.

Australia Labor Force Participation Rate

 

Source: ABS, Trading Economics

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From a Sunburnt Country

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