Australia saw weaker than expected full time jobs growth and part time jobs in October, with Unemployment up to 5.3% and However the RBA preferred trend employment numbers were closer to expectations. Participation remains near highest since Dec of 2010.
Australia saw weaker than expected full time jobs growth and part time jobs in October, with Unemployment up to 5.3% and However the RBA preferred trend employment numbers were closer to expectations. Participation remains near highest since Dec of 2010.
Australia Labour Market Report For October
Full Time Employment in Australia increased by 21100 in June of 2019. Full Time Employment in Australia averaged 7528.98 Persons from 1978 until 2019, reaching an all time high of 74800 Persons in December of 1987 and a record low of -80829 Persons in November of 1991.
Employment Change: -19K expected +15.0K, prior +14.7K
Employment in Australia decreased by 19000 in October of 2019. Employment Change in Australia averaged 13856.50 Persons from 1978 until 2019, reaching an all time high of 99147 Persons in November of 1985 and a record low of -74901 Persons in November of 1992. source: Australian Bureau of Statistics
Full Time Employment Change: -10.3K prior +26.2K
Full time employment in Australia decreased by 10.3 thousand people to 8.83 million in October 2019 from a revised 8.84 million in the previous month. Through the year to October, full time employment rose by 135.7 thousand. Full Time Employment in Australia averaged 7513.42 Persons from 1978 until 2019, reaching an all time high of 74789 Persons in December of 1987 and a record low of -80825 Persons in November of 1991. source: Australian Bureau of Statistics
Part Time Employment Change: -8.7K prior -11.4K
Part time employment in Australia declined by 8.7 thousand people to 4.09 million in October 2019 from a revised 4.09 million in the previous month. Through the year to October, part time employment rose by 116.1 thousand. Part Time Employment in Australia averaged 6371.57 Persons from 1978 until 2019, reaching an all time high of 72537 Persons in February of 2009 and a record low of -73168 Persons in October of 2007. source: Australian Bureau of Statistics
Participation Rate: 66.0% expected 66.1% prior 66.1%
Labor Force Participation Rate in Australia decreased to 66 percent in October from 66.10 percent in September of 2019. Labor Force Participation Rate in Australia averaged 63.34 percent from 1978 until 2019, reaching an all time high of 66.20 percent in August of 2019 and a record low of 60.10 percent in April of 1983. source: Australian Bureau of Statistics
Unemployment Rate: 5.3% expected 5.2%, prior 5.2%
Australia’s seasonally adjusted unemployment rate unexpectedly edged up to 5.3 percent in October 2019 from 5.2 percent in the previous month and matching market expectations. The number of unemployed increased by 17,100 while employment fell 19,000. Unemployment Rate in Australia averaged 6.82 percent from 1978 until 2019, reaching an all time high of 11.20 percent in December of 1992 and a record low of 4 percent in February of 2008. source: Australian Bureau of Statistics
Trend Employment (RBA Prefers This Data)
- Trend unemployment rate remained steady at 5.3 per cent “Trend unemployment in October 2019 remained steady at 5.3 per cent, 0.2 percentage points higher than the same time last year.”
- “The increase in the unemployment rate over the past year has coincided with a 0.5 percentage point increase in the participation rate, from 65.6 per cent to 66.1 per cent”
- Ttrend monthly employment increased by around 12,300
- Full-time employment increased by around 5,800 part-time employment increased by around 6,500
- Over the past year, trend employment increased by around 268,500 people (2.1 per cent), which continued to be above the average annual growth over the past 20 years (2.0 per cent).
- Full-time employment increased by 1.8 per cent and part-time employment increased by 2.8 per cent over the past year.
- The trend monthly hours worked increased by 0.2 per cent in October 2019 and by 1.7 per cent over the past year.
- This was slightly above the 20 year average year-on-year growth of 1.6 per cent. trend monthly underemployment rate remained steady at 8.5 per cent in October 2019, an increase of 0.2 percentage points over the past year.
- The trend monthly underutilisation rate also remained steady at 13.8 per cent in October 2019, an increase of 0.4 percentage points over the past year.
Source: ABS, Trading Economics
The TradersCommunity News Desk
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