Economics Updates

Data released this morning shows the seasonally adjusted unemployment rate in December at 5.2%. This is unchanged from a revised (previously 5.3%) rate in November.
However, the detail shows that a total of 29,300 jobs were shed (all of which, and more, were part-time positions. Full-time jobs were up 24,500) and the reason for the steady unemployment rate is the sharp drop in the participation rate (from 65.5 to 65.2). More people have simply removed themselves from the available labour force and are therefore not counted as "unemployed".
In Queensland the unemployment rate fell to 5.4% (from 5.7%). Total jobs fell 3,300 while full-time positions were up 6,300. As was the case elsewhere, the participation rate fell; from 67.4 to 67.0.
Detailed jobs data which will include figures for Far North Queensland will be released next week.