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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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