The Australian labour market report for November

Employment change is one of the two 'headlines": comes in at a HUGE BEAT of +61.6K

  • expected 19.0K, prior +7.8K, revised up from 3.7K

The other is the Unemployment Rate: 5.4%

  • expected 5.4%, prior 5.4%

Full Time Employment Change +41.9K

  • prior was +31.0K, revised up from +24.3K

Part Time Employment Change +19.7K

  • prior was -23.2K, revised down from -20.7K

Participation Rate 65.5% .... yep, a huge jump in this ... which makes the unemployment rate result even more impressive

  • expected 65.1%, prior 65.2%, revised up from 65.1%
  • At 65.5% the participation rate is its highest since September of 2011

AUD marked up above its overnight high ... makes sense given this blowout result. Full-time jobs up bigly also.

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The above is the seasonally adjusted data, which is the immediate market focus. But the Australian Bureau of Statistics tell us to look at the 'trend' results .... so here they are too:

  • Trend increase in employment of 22,000 persons
  • Trend unemployment rate remained steady at 5.4 per cent ... The last time the trend unemployment rate was lower was in January 2013
  • Full-time employment grew by a further 15,000 persons ... Monthly trend full-time employment increased for the 14th straight month
  • Part-time employment increased by 7,000 persons
  • Trend monthly hours worked increased by 3.8 million hours (0.2 per cent), with the annual figure also reflecting strong growth (3.4 per cent).
  • Participation rate increased to 65.4 per cent, the highest it has been since October 2011.

More:

  • "Full-time employment has now increased by around 308,000 persons since November 2016, and makes up the majority of the 371,000 net increase in employment over the period," the Chief Economist for the ABS, Bruce Hockman, said.
  • Over the past year, trend employment increased by 3.1 per cent, which is above the average year-on-year growth over the past 20 years (1.9 per cent).
  • quarterly trend underemployment rate decreased by 0.2 percentage points to 8.4 per cent over the quarter to November 2017.
  • "Over the course of 2017 the underemployment rate has fallen from an historical high of 8.7 per cent in February to 8.4 per cent in November, its lowest point in almost two years," Mr Hockman said.
  • The quarterly trend underutilisation rate, which includes both unemployment and underemployment, decreased by 0.3 percentage points to 13.8 per cent.