The latest Cairns Watch from Herron Todd White (available here), confirms our own Conus Trend analysis of the Cairns labour market. Back on May 14th we posted that the Trend unemployment rate in the Cairns region had improved to 7.2%, unchanged from a downwardly revised April number. You can read our original post here. On our estimation Trend employment stood at 109,200, up from 108,500 in March.
The Cairns Watch Report estimates Trend unemployment at 6.9%. Although Herron Todd White do not release revisions to their series, comparing previous reports indicates that they have revised down their original March Trend unemployment estimate to approximately 7.2% from 7.6%. Their Trend estimate of employment is 109,500 in April, up from 108,200 in March.
Whilst different methodologies will account for the (small) variances in the two Trend series, what is clear is that both data sets confirm an improving employment picture in the Cairns region.
Regional unemployment data for May will be released by the ABS on June 18th at which point we will update our own Conus Trend series. We shall have to wait until the end of the month to see what HTW make of the data.