QLD unemployment rate stays static, but this is a strong report for the State

Today saw the release of the ABS Labour Force data for April and it came in well above market expectations. Total employment (seasonally adjusted) rose 37,400 (expected +4-5,000) with the headline unemployment rate falling to 5.7% (from 5.9%). Unlike March, when the gains all came in the full-time sector, April saw full-time jobs drop 11,600. Nevertheless, full-time positions are up over 100,000 in the past 6 months. On the less volatile (and preferred) Trend measure we saw 19,900 new jobs with March data revised stronger. In the past 6 months the Trend series shows 120,000 new positions.

In Queensland the headline, seasonally adjusted, unemployment rate remained stuck at 6.3% (and the Trend at 6.4%) despite some good jobs growth; the reason being a Participation Rate that moved to its highest level in a year. Seasonally adjusted jobs were up 14,500 (with March revised up to +32,600 from +28,800) although, like at the national level, full-time positions dipped by 800. The Trend series shows an increase in employment of 6,600 after March was revised up to +6,800 (from +4,400). In the past 6 months Trend jobs are up by 31,100; which is the strongest period of jobs growth in Queensland since Dec 2015 (see second chart below).

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