Another strong jobs report. QLD Trend remains positive

The ABS data for the labour market in September shows another strong result with employment up 19,800 (expectations had centred around +15K) and the unemployment rate (seasonally adjusted) falling to 5.5%. Employment growth in August was revised sharply stronger to an increase of 53,000 (originally) 27,100. So, although stronger than expected Sept now shows as the weakest month of growth in the past 7 months. Full-time employment was up 6,100 while the Participation Rate remained unchanged at 65.2 (after Aug was revised down slightly). Trend employment is now growing at 2.8% y/y.

In Queensland the headline (seasonally adjusted) numbers were not as positive with employment falling 4,400 (although full-time employment rose 3,000) and the unemployment rate rising to 5.9% (from 5.7%). However, the Trend series (less volatile and preferred as an indicator) had employment up 7,500 (the weakest month of growth this year) and the unemployment rate dropping slightly to 5.9% from 6.0% previously. Trend employment growth in Queensland now sits at a healthy 4.1% y/y.

Regional jobs data will be released next Thursday at which time we will be producing the Conus Trend Regional Jobs data.


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