Australian employment report for August - extended lockdown a negative for jobs growth

Employment Change: -146.3K is the bad news

  • expected -90K, prior 2.2K

Unemployment Rate: 4.5% is the good news

  • expected 4.9%, prior 4.6%

Full-Time Employment Change: -68.0K

  • prior was -4.2K

Part-Time Employment Change: K

  • prior was 6.4K

Participation Rate: 65.2% takes some of the shine off the better jobless rate ... well, all of the shine - this is the only reason the jobless rate fell

  • expected 65.7%, prior was 66.0%

  • The Australian Bureau of Statistics says it is seeing unemployed people dropping out of the labour force given the difficulties in going out to look for a job if you are in lockdown. Good point.

The Australian Bureau of Statistics says 'hours worked' is the best indicator of the extent of labour market impacts due to lockdowns. Hours worked in the month are down 3.7%. That is a big drop.

More:

  • Underemployment up 1% to 9.3%