Weak labour force data in Oct is no joy for QLD

The October labour force survey data from the ABS showed employment fell 19,000 (seasonally adjusted) which left the unemployment rate at 5.3% afetr particiaption fell slightly. This is only the second monthly drop in employment since October 2016. Casting our eye to the rather less exciting (but in our opinion far more useful) Trend data we see employment edged higher (up 12,300) and the Trend unemployment rate stay at 5.3%. The annual Trend rate of employment growht has now fallen to 2.1% which is its slowest pace since May 2017.

In Queensland things also remain weak. Seasonally adjusted employment fell by 14,000 and, with a drop in participation, the unemployment rate remained at 6.5%. The Trend data showed an employment increase (+3,400) but the Trend unemployment rate stayed elevated at 6.5%. Trend employment growth now sits at 2.1% in Queensland which is a very slight improvement from last month.

When we consider the hours worked per capita of working population we see that at both State and national level there is just a very slight improvement from relatively low levels. Certainly nothing here to refute the idea that the labour market remains weak.

Leave a Response

  • © Conus Business Consultancy Services 2024

    Website created by RJ New Designs