Thursday, November 8

Soft jobs data

The ABS released the October monthly labour force survey results. The unemployment rate was essentially steady at 5.4 per cent. Given yesterday's presidential election, I thought I would bring an electoral hue to today's charts.

The month-on-month change figures are pretty much steady as she goes. But the through the year statistics show a significant jump in unemployed persons.

This is becoming a longish period without healthy growth in the number of employed persons (certainly longer than the GFC).

The monthly hours worked continue to flat line/decline slightly. Over the last 12 months, the number of people in a job has risen slightly and the total number of hours worked has fallen slightly. All-in-all, these statistics suggest a soft labour market.

By gender: it is worth noting that the trend male rate is over the female rate. Arguably, since the 1990s, the male rate is higher than the female rate when the labour market is soft and lower when economic times are good.

By State - with clear unemployment rate trend increases in the low rate states in the last chart below.

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