Australian jobs data due Thursday 14 October 2021 - preview
Coming up at 0030 GMT on 14 Oct is the Australian employment report for September
Employment Change: K expected -120K, prior -146.3K
Unemployment Rate: % expected 4.8%, prior 4.5%
Full-Time Employment Change: K prior was -68K
Part-Time Employment Change: K prior was -78.2K
Participation Rate: % expected 64.7%, prior was 65.2%
- The Aussie labour market has fallen victim to a surge in Delta cases that led to stringent lockdowns and a halt in job creation.
- August jobs fell by 146k with further deterioration anticipated through September and October as lockdowns in Sydney and Melbourne remain in place. Consensus estimates another loss in excess of 100k jobs for September
- At risk is wiping out the year-to-date rise in employment.
- does this fall in unemployment mean the Australian labour market is a good as it was during the peak of the 2000's mining boom?
- No, in fact it is far from it. Hours worked are a better measure of overall economic activity and they decreased by 3.7% in Aug compared to the 1.1% decline in employment.