Included in the Australian labour market report today is an update to under-employment and underutilisation data (this is included once a quarter in the report)
Private sector surveys and anecdotal reports show firms reporting difficulty in finding labour, so this should indicate lower levels of under-employment and underutilisation.
OK, on with the promised preview.
Via Westpac (bolding mine):
- Total employment was softer than expected in October
- September's result was revised up
- (October) total hours worked rose by a more reasonable 0.3%. This relates to a 24.3k increase in fulltime employment, which was mostly offset by a 20.7k decrease in part-time employment
- Over the past year, total employment is up 3.0%yr with full-time employment increasing 3.7%yr and part-time employment increasing 1.5%yr
- The business and consumer surveys remain quite robust suggesting a continuation of the near term momentum at least into early 2018. Our forecast 25k lift in employment will see the annual pace ease back to 2.8%yr from 3.0%yr
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ps. Earlier preview from Greg is here: It's about the FOMC today, but will be about the Australian employment in the new day for the AUDUSD
