This morning the ABS will release its October jobs report, something that will be watched closely due to continuing signs of strengthening labour market conditions, particularly in the nation’s services sectors.
Here’s the state of play.
- In September, employment fell by 5,100, missing expectations for an increase of 7,100. Full-time employment dipped by 13,900, overshadowing a 8,900 increase in part-time workers.
- Curiously, all of the job losses came from male employment which fell by 13,163. Partially offsetting that, female employment increased by 8,113.
- Despite the September decline, over the past year employment increased by 230,100, leaving annual growth at 2.0%.
- The national unemployment rate held steady at 6.2%, largely as a result of labour force participation slipping 0.1% to 64.9%.
- 9,500 males dropped out of the labour force, outpacing a 3,700 decline from females.
- Across the nation, New South Wales had the lowest unemployment rate at 5.9%. South Australia had the highest at 7.7%.
- As a result of labour force participation dropping faster than employment, the number of unemployed slid by 8,100 to 772,500.
- Reflective of strengthening labour market conditions, alternate surveys on employment have been improving steadily in recent months.
- Job ads rose 0.3% to 154,358 in November according to the ANZ, leaving the annual rate of growth at 12.1%. Westpac’s unemployment expectations index, a component of its consumer sentiment report, has fallen 10.9% since September.
- According to a survey of 26 economists polled by Bloomberg, employment is tipped to increase by 15,000 in October, 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.
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