Australian labour market jobs report for August … huge headline beat
Employment Change: +44K
- expected +18.0K, prior -4.3K, revised from -3.9K
Unemployment Rate: 5.3%
- expected 5.3%, prior 5.3%
Full Time Employment Change: +33.7K
- prior was +19.3K
Part Time Employment Change: +10.2K
- prior was -23.2K
Participation Rate: 65.7%
- 65.6% expected, prior was 65.5%
these the seasonally adjusted data points, the market immediate focus
I'll get the 'trend' data up ASAP …. here it is hot off the press at the ABS:
- trend unemployment rate decreased from 5.4 per cent to 5.3 per cent
ABS Chief Economist Bruce Hockman said that "since last August, the trend unemployment and underemployment rates have both fallen. As a result, underutilisation in Australia was at its lowest level since late 2013, at 13.6 per cent."
Trend employment increased by around 29,000 persons in August 2018 with full-time employment increasing by around 21,000 persons
- Over the past year, trend employment increased by around 300,000 persons or 2.5 per cent, which was above the average year-on-year growth over the past 20 years (2.0 per cent).
trend participation rate remained steady at 65.6 per cent
trend monthly hours worked increased by 0.1 per cent in August 2018 and by 1.8 per cent over the past year
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Note the 'underutilisation' figure - this has been, and remains, a concern. Data on it only once a quarter and today we got an update. At least its moving lower.
But, otherwise, a stellar report indeed (I am sure there will those picking holes in it soon enough, ignore them, just the usual suspects). Trend unemployment is at its lowest since September of 2012. Participation highest since Dec of 2010.
AUD marked higher.
