Data released this morning by the ABS shows the headline unemployment rate in FNQ fell in July to 8.5% (from 9.2%). A total of 3,000 new jobs were created and 800 fewer people were registered as unemployed. However, there are still 300 fewer people in work in the Region than at this time last year and we have lost 2,600 jobs since the start of 2012.
The Participation Rate improved in July to 66.8 (from 65.9).
As we constantly remind people, these are un-seasonally adjusted figures and are therefore extremely volatile. Our own Conus Trend series shows the trend unemployment rate at 9.0% (from a revised 8.9% in June) and we have now seen 10 consecutive months without a reduction in the trend unemployment rate since its low in Sept last year at 7.9%.
While this morning's numbers are certainly good news it should not be forgotten that the Trend data is still weak and as yet is showing no signs of improving. Employment in the Region remains a problem area and unemployment remains well above the national (5.2%) and state (5.8%) levels.