Here are three things you need to think about.
1) The rise of 18,100 is a solid number coming after last two months increases in employment of just shy of 70,000 jobs. Sure some will question the “quality” of the jobs because of the break up which showed that 22,100 full time jobs were lost while 40,200 part time jobs gained it is worth noting that the ABS arbitrary demarcation between full time and part time is 35 hours.
So focus on the jobs number because there are now 88,000 more Australians in work than three months ago.
2) Highlighting that the full time, part time break up is less important than the number of people employed, the aggregate hours worked in the economy rose by 8 million hours for a three-month gain of 16 million hours being worked in the economy.
3) Unemployment fell to 5.8% from 6.0% and although many will focus on the fall in the participation rate (that’s people who say they are in the workforce and or looking for a job) to 64.7% from 64.9% is the culprit the fact the unemployment is back below 6% is going to have a very positive impact on households.
The chartist in me can’t help but look at the orange line on the unemployment graph and say the trend to higher unemployment has just been broken.