Australia Employment Change (August): +54.2K (expected +20.0K)

Author: Eamonn Sheridan | Category: News

Australian jobs market report, another huge beat ... Twitter alive with adjectives: MONSTER JOBS REPORT, SMASHES EXPECTATIONS

Employment Change +54.2K ... this is huge, huge beat
  • expected +20.0K, prior +29.3K, revised from +27.9K
Unemployment Rate 5.6% ... steady despite the surge in participation
  • expected 5.6%, prior 5.6%
Full Time Employment Change +40.1K
  • prior was -19.9K, revised from -20.3K
Part Time Employment Change +14.1K
  • prior was +49.1L, revised from +48.2K
Participation Rate 65.3% ... a big jump
  • expected 65.1%, prior was 65.1%
AUD surges, up 40+ points

This is a very, very good report.

The Australian Bureau of Statistics tells us to focus on the 'trend' numbers, which I'll post ASAP. The above numbers are the 'seasonally adjusted', which is what the market actually focuses on immediately, despite them being so volatile 9the Aussie jobs report is often referred to as a lottery). Go figure.

Here we go, the trend numbers:
trend estimate of employment increased by 27,100 (represents an increase of 0.22 per cent, which is above the monthly average growth rate over the past 20 years of 0.16 per cent.)
  • unemployment rate remaining steady at 5.6 per cent
  • the participation rate increasing by 0.1 percentage points to 65.2%
  • employment to population ratio increasing by 0.1 percentage points to 61.5%
  • Trend full-time employment increased by 21,500 persons
  • Part-time employment also increased by 5,600 persons
  • The trend estimate of monthly hours worked in all jobs increased by 3.9 million hours (or 0.23 per cent)
Over the past year, trend employment increased by 307,300 persons (or 2.6 per cent)
  • the trend employment to population ratio, which is a measure of how employed the population (aged 15 years and over) is, increased by 0.6 percentage points to 61.5 per cent, the highest it has been since February 2013
  • Compared to a year ago, there are 253,300 more persons employed full-time and 54,000 more persons employed part time
  • The part-time share of employment decreased 0.4 percentage points over the last 6 months, from 31.9 per cent to 31.5 per cent.
  • Monthly hours worked have increased by 2.7 per cent over the past year, slightly above the estimate of employed persons. As a result, the average hours worked per employed person has also increased.The trend unemployment rate remained at 5.6 per cent for the third consecutive month

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