On Thursday morning the ABS will release Australia’s November jobs report. After a sharp deceleration in employment growth in recent months, it’ll likely receive more attention than normal today, particularly as the report will contain quarterly underemployment figures, an area of focus for the Reserve Bank of Australia given continued weakness in wage growth.
Here’s the state of play:
- In October, employment increased by 9,800, missing forecasts for an increase of 20,000.
- September’s decline, previously reported at 9,800, was revised significantly lower to a drop of 29,000.
- Full time employment soared by 41,500, partially offset by a decline in part-time employment of 31,700.
- Employment has increased by 102,200 over the past year, or 0.86%. In percentage terms, that’s the slowest pace seen in two years.
- Part-time employment has increased by 136,900, or 3.72%. At the other end of the spectrum, full-time employment has fallen by 34,700, or 0.43%.
- The unemployment rate came in at 5.6%, unchanged from level reported in September. Without rounding, it fell to 5.58%, the lowest level since February 2013.
- Labour force participation held steady at 64.4%. It now sits at the lowest level seen in over a decade.
- In November, economists expect employment to accelerate, forecasting an increase of 17,500.
- The unemployment rate is tipped to hold at 5.6%, courtesy of an expected lift in labour force participation to 64.5%.
- Perhaps of more importance given record-low wage growth at present, there’ll be plenty of attention on the quarterly underemployment figure released in the report.
- The underemployment rate measures those currently in work but who would like to work more. It currently sits at 8.7%, the highest level on record.
- This figure, along with the split between full and part-time employment and total hours worked, are likely to be influential on financial markets.
The data is scheduled for release at 11.30am AEDT.
Business Insider will have full coverage as soon as hits the screens.