Australia’s December jobs report will be released later on this morning, with economists expecting a moderation in employment growth following a strong bounce in November.
Here’s the state of play:
- In November, employment jumped by 39,100 in seasonally adjusted terms, topping expectations for an increase of 17,500.
- Full-time employment increased by 39,300 while part-time employment fell by 200.
- At 84,900, total employment growth in the year to November was the lowest seen since October 2014.
- Total hours worked decreased 10.4 million hours to 1663.3 million hours, somewhat of an anomaly given the lift in full-time employment growth reported.
- Despite the lift in full-time employment in November, it actually fell by 22,200 from the levels of a year earlier. Part-time employment, on the other hand, increased by 107,100 over the same period.
- The unemployment rate increased to 5.7%, up from 5.6% in October, courtesy of a lift in the participation rate to 64.6%.
- Both male and female unemployment increased by 0.1%, rising to 5.6% and 5.8% respectively.
- Unemployment increased by 17,000 to 725,200, courtesy of a lift in labour market participation.
- In December, economists expect employment growth to moderate.
- The median economist forecast offered to Bloomberg is centred around an increase of 10,000, with individual forecasts ranging from a decrease 21,000 to a rise of 30,000.
- Both the unemployment and participation rate are tipped to remain steady at 5.7% and 64.6% respectively.
- According to David de Garis, director of economics at the National Australia Bank, the main interest in the report will likely come from the breakdown between full- and part-time employment growth.
- In the absence of underemployment and underutilisation figures which are released quarterly, there’s also likely to be interest in the number of hours worked given it can be used to gauge the degree of slack that currently exists within the labour market.
The report is scheduled for release at 11.30am AEDT.
Business Insider will have full coverage as soon as the data hits the screens.
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