The June labour force data released by the ABS today shows the headline (seasonally adjusted) unemployment rate nudged slightly higher to 5.8% (from 5.7%) on the back of a lift in the Participation Rate to 64.9, despite steady jobs growth of +7,900. Also on the plus-side was upward revisions to the already strong May data with jobs growth revised up to 19,200 from 17,900. The growth in jobs was even better than first appears with a very strong 38,400 uptick in full-time positions in June. The Trend unemployment rate remained unchanged at 5.7%.
Unfortunately the positive sentiment did not carry over in to Queensland. Here we saw another month of job losses (June down 1,400) with the losses in May also revised worse (down 4,800 from 1,700). With the Participation Rate steady we saw the headline (seasonally adjusted) unemployment rate edge up to 6.5%. This is the fifth consecutive month of job losses on both the seasonally adjusted and Trend basis. Over the course of the past 12 months the state has lost 10,400 jobs (Trend) with full-time positions having fallen 14,900. As the second chart below shows, jobs are sliding well behind working population growth with this spell now looking like one of the weakest periods in over a decade.
Regional jobs data will be released by the ABS next Thursday at which point we will be updating our Conus Trend series for the Queensland regions.