Economic News… released August

ABS Unemployment Rate

Mixed bag with a fall in the seasonal headline rate to 5.3%. Some rotational impact from the way the ABS calculates the unemployment rate making it look better. Pretty much in line though with expectations.

TREND ESTIMATES (MONTHLY CHANGE)

  • Employment increased 26,900 to 12,581,600.
  • Unemployment decreased 1,300 to 713,000.
  • Unemployment rate remained steady at 5.4%.
  • Participation rate remained steady at 65.5%.
  • Monthly hours worked in all jobs increased 3.1 million hours (0.2%) to 1,748.0 million hours.

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)

  • Employment decreased 3,900 to 12,575,200. Full-time employment increased 19,300 to 8,587,500 and part-time employment decreased 23,200 to 3,987,700.
  • Unemployment decreased 5,700 to 706,000. The number of unemployed persons looking for full-time work increased 2,300 to 504,100 and the number of unemployed persons only looking for part-time work decreased 8,000 to 201,900.
  • Unemployment rate decreased by less than 0.1 pts to 5.3%.
  • Participation rate decreased by 0.1 pts to 65.5%.
  • Monthly hours worked in all jobs increased 4.0 million hours (0.2%) to 1,749.6 million hours.

The average weekly ordinary time earnings for full-time adults in Australia in May 2018 was $1,585.30.

 

 

Mining sector still the best paid. Food/retail services the worst.

 

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Margaret NRetired
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Barry TRetired Accountant
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Damien WRetired Head of Commercial Banking
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Jackie HCommunications Consultant
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Ian WRetired
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Kelvin & Melanie TConsultant
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