Australia’s jobs report for December will be released later on this morning with economists looking for a modest decline in employment after unbelievably strong increases over the prior tow months.
Here’s the state of play:
- In November 71,400 jobs were created, smashing expectations for a decline of 10,000.
- The increase was the largest since July 2000, right before the start of the Sydney Olympic Games.
- Full time employment soared by 41,600, outpacing a 29,800 increase for part time employment.
- Female employment jumped by 54,000, near triple the 17,400 increase for males.
- Combined with the 56,100 increase of October, the two-month increase in employment – at 127,500 – was the largest since January 1988.
- Over the past 12 months, employment increased by 2.97%, or 344,200. Both sit at highs not seen 2008.
- As a result of the steep increase in employment, the unemployment rate dipped to 5.8%, the lowest level seen November 2013.
- The decline in unemployment came despite labour force participation increasing 0.3% to 65.3%.
- Although all impressive figures, the NAB has released an excellent note explaining why you should be wary of the data strength.
- In December markets, expect employment to decline by 10,000 with unemployment tipped to rise by 0.1% to 5.9%.
The report will be released at 11.30am AEDT.
Business Insider will have full coverage as soon as the data drops.
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