Supporting the Reserve Bank of Australia’s optimistic view on improving economic scenario, unemployment data is out with the jobless rate or so called ‘unemployment rate’ remaining steady at 5.4 per cent in November 2017, against the October result. This maintains unemployment at the lowest level since February 2013, and has given the financial market a reason to stay positive. Australian dollar edged a little up shortly after the release of the data.
Rise in employment: On trend estimates, employment has risen by 22,200 to 12,380,100 while unemployment decreased 2,900 to 707,300. In seasonally adjusted terms, the employment increased by 61,600 to 12,403,000 while full-time employment increased 41,900 to 8,501,900 and part-time employment increased 19,700 to 3,901,100. However, unemployment increased 4,100 to 707,700. The participation rate under trend estimates increased less than 0.1 pts to 65.4 per cent and monthly hours worked in all jobs increased by 0.2 per cent to 1,734.4 million hours. On the other hand, participation rate increased 0.3 pts to 65.5 per cent while monthly hours worked in all jobs rose 0.6 per cent under seasonally adjusted terms.
Overall, trend employment has increased over the past one year, and the trend series flattens the volatile seasonally adjusted estimates to better depict the underlying behaviour of the labour market. With Queensland on top, increases in employment were observed in all states and territories except Northern Territory under trend estimates. In seasonally adjusted terms, the largest increase in employment was seen in Victoria.
Drop in underutilisation: It is worth noting that the quarterly number for underutilisation rate decreased by 0.3 pts to 13.8 per cent under trend estimates and by 0.3 pts to 13.7 per cent for seasonally adjusted estimates.
Unemployment, Underemployment and Underutilisation Rates (Source: Australian Bureau of Statistics)
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