Australia’s employment report has just been released. The fall of 2,900 jobs seems fairly benign even though the market was expecting an increase of 5,000. But within the data were some massive moves.
The ABS reported:
The number of people employed decreased by 2,900 to 11,724,600 in April 2015 (seasonally adjusted). The decrease in employment was driven by decreases in full-time employment for males (down 47,900) and part-time employment for females (down 10,700). These were offset by increases in male part-time employment (up 29,700) and female full-time employment (up 26,000).
I know it’s a survey, but does anyone actually believe that male employment fell 47,900? That’s the biggest move, either positive or negative, since the GFC.
Equally March’s big increase in total jobs of 37,700 was increased to a rise of 48,100.
The market is focussed on the headline fall and the unemployment rate of 6.2%. But this intra-survey noise suggests that the problems the ABS has with the integrity of the employment data remain.
The federal government has announced extra funding for the ABS – perhaps some of this might go towards ensuring a better jobs survey.