Australian Employment Stronger as Full Time Jobs Surge and Unemployment Lower

Australia saw stronger than expected employment with full time jobs growth leading the way November, with Unemployment down to 6.8%. Positives included the participation rate at 66.1% and underemployment down 1% to 9.4%.

Australia saw stronger than expected employment with full time jobs growth leading the way November, with Unemployment down to 6.8%. Positives included the participation rate at 66.1% and underemployment down 1% to 9.4%.

Australian Power Use

Australia Labour Market Report For November 2020

Employment Change: +90K expected +40.0K, prior +180.4K

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Employment Change of +90K again squashed expectations fr a second month in a row.  Expected was 40.0K, prior +180.4K, revised from 178.8K  which was also a massive beat. Source: Australian Bureau of Statistics

Full Time Employment Change: +84.2K prior +97.2K

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Full-Time Employment Change: +84.2K meaning nearly all newly added jobs this month are nearly all full-time prior was +97.0K. A very strong confidence booster for recovery.  Source: Australian Bureau of Statistics

Part Time Employment Change: +5.8K prior +81.8K

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Part-Time Employment Change: +5.8K prior was +81.8K, Lions share of new jobs were full time. Source: Australian Bureau of Statistics

Unemployment Rate: 6.8% expected 7.0% prior 7.0%

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Unemployment continues to trend lower down to 6.8%. Another sign of recovery as full time jobs return. Expected was 7.0%, prior was 7.0%. This was the lowest jobless rate since August, as the economy emerged gradually from the COVID-19 hit.

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The number of unemployed declined by 17,300 to 942,100 people, as people looking for full-time work was down by 11,400 to 673,000 and those looking for only part-time work rose by 5,900 to 269,100. Source: Australian Bureau of Statistics

Participation Rate: 66.0% expected 65.8% prior 65.8%

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Participation Rate: 66.1%. Another sign of recovery is participation has risen even as unemployment has dropped. Expected was 65.8%, prior was 65.8% The participation rate rose to a ten-month high of 66.1% in November. Source: Australian Bureau of Statistics

Underemployment Rate: 9.4% expected 9.5%, prior 9.4%

The underemployment figure has dropped 1% also, to 9.4% this is also backed up the full time jobs rise, it was down from 10.4% in the prior month, and the underutilization rate dropped 1.2 points to 16.2%.

Monthly Hours Worked Rose 2.5% to 42.8 million Hours

Monthly hours worked in all jobs rose 42.8 million hours, or 2.5% to 1,752 million hours.Source: Australian Bureau of Statistics

Trend Employment (RBA Prefers This Data) 

Source: ABS, Trading Economics

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From a Sunburnt Country

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