Labour market report from Australia for January 2024

Check out that revision to the full time jobs number from last month. It was reported for December at +57K, and now revised to -109.4K. UGLY.

This jobs report means the Reserve Bank of Australia rate hike cycle is definitely over. Rates won't be coming down any time soon, but further hikes - forget about it.

Australia jobs January corrected 15 February 2024 2
  • Hours worked -2.5% m/m

Note that the participation rate dribbled lower. If it had stayed where it was in the previous report the unemployment rate would have been higher.

As it is the jobless rate hit a two year high.


Background to this:

Australian jobs