This morning the ABS will release its September jobs report, something that will be watched closely due to continuing signs of strengthening in the domestic labour market.
Here’s the state of play.
- In August, employment increased by 17,400, smashing expectations for a modest rise of 5,000. Full time employment rose by 11,500 while part time increased by 5,900.
- The number of employed Australians increased to 11,775,800, the highest level on record.
- Over the past 12 months, employment increased by 2.04%, the fastest pace since May 2011.
- As a consequence of the robust jobs figure and a decline in labour force participation to 65.0%, the unemployment rate fell to 6.2% from 6.3% in July.
- Despite the lift in employment, the aggregate number of hours worked by all Australians fell by 600,000 hours to 1.6238 billion hours. More Australians are working, just not as many hours.
- The underemployment rate, those working less than what they would like or highly skilled employees working in low skilled roles, remained steady at 8.4%.
- Labour market underutilisation, the underemployment and unemployment rates combined, was also unchanged at 14.3%.
- Reflective of strengthening labour market conditions, alternate surveys on employment have been improving steadily in recent months.
- Job ads jumped by 3.9% in September according to the ANZ, leaving the annual rate of growth at 12.8%. The separate internet job vacancies survey released by the government revealed unfilled roles rose by 10.2% in August to 163,500, the highest level since November 2012. Westpac’s unemployment expectations index, a component of its consumer sentiment report, tumbled by 13.7% in October, its largest one-month fall since January 2010.
- According to a survey of 28 economists polled by Bloomberg, employment is tipped to increase by 7,100 in September, leaving the unemployment rate unchanged at 6.2%.
The jobs report will be released at 11.30am AEDT. Business Insider will have full coverage as soon as the data drops.