Jobs report as expected; but it’s generally good news

The ABS jobs data for June shows a total of 14,000 new jobs (seasonally adjusted) which was just slightly lower than market consensus expectations of a 14.4K increase. As expected the unemployment rate came in unchanged at 5.6% (after May was revised up from 5.5%). The good news lies in the full-time jobs data which showed a sharp spike up of 62,000, after May also saw a large increase of 53,400. Over the past 12 months the economy has added 240,200 new positions, of which 175,400 (or 73%) have been full-time. Also pointing towards a healthy labour market was a good increase in the Participation Rate which, at 65.0, now sits at its highest level since Jan 2016.

The less volatile (and preferred) Trend series showed jobs up 26,400 with the unemployment rate also at 5.6% (down from 5.7% in May). Trend jobs are up 227,100 for the 12 months with 169,500 (75%) of those full-time.

In Queensland, despite a move up in the seasonally adjusted unemployment rate to 6.5% (from 6.1%), the story is also looking positive. The seasonally adjusted data showed a decline of 1,000 jobs in the month although full-time positions were up 7,400. Over the past 12 months jobs are up by 44,600 of which 10,200 (23%) have been full-time. Here too we have seen a move to higher participation with the rate at 15 month highs of 64.9.

The Trend series in Queensland shows jobs up 7,000 in June (the 8th consecutive month of gains) with full-time up 5,100. Over the past 12 months a total of 43,300 new Trend jobs have been added of which 14,600 (34%) have been full-time. The Trend unemployment rate fell in June to 6.3% (from 6.4% in May). The graph below shows clearly the improvement we continue to see in the Queensland labour market, although it continues to lag behind that of the nation, especially when we consider full-time work.

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