November saw another strong month for labour force data. Employment (seasonally adjusted) jumped by 61,600 (expectations had been for around 19,000) with 41,900 of those being full-time. Over the course of the past 12 months employment has increased by 383,300 of which 79.5% have come in the full-time jobs. The headline unemployment rate remained stable at 5.4%, despite the surge in employment, on the back of a sharp uptick in the Participation Rate to 65.5, its highest level since March 2011. On a Trend basis employment growth now sits at 3.1% pa.
The data for Queensland, whilst positive, is rather more prosaic. Seasonally adjusted employment rose by 7,200 (after the increase for Oct was revised slightly lower) with 11,700 more full-time positions. Again, an increase in the Participation Rate saw the unemployment rate remain stable to 5.9% (after Oct was revised down from 6.0%). The less volatile Trend series sees the unemployment rate at 5.8%, also unchanged after a downward revision to the Oct number. Over the course of the past 12 months employment has increased by 95,300, although slightly less than 50% of these have been full-time positions. Trend employment growth sits at 4.8% pa in Nov.
Next week will see the release of the regional monthly labour force data, as well as quarterly industry employment data. Our office will be closed for our Christmas break at that time so the Conus Trend series will therefore be updated once we return to the office in early January. Happy Christmas to all our readers.