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The ABS December Labour Force data released today is broadly in line with market expectations, which in themselves were quite bullish. Employment lifted by another 50,000 from November and is now down just 0.5% from a year ago. The unemployment rate has again fallen to 6.6% even while the participation rate lifted slightly (to a record high). Despite 70% of this month’s employment gain coming from full-time positions, over the course of the past 12 months full-time employment is down 0.9% while part-time is up 5.7%.
Hours worked per capita, which has been a crucial measure during this bizarre time when employment is being artificially supported, has edged a little higher and now sits 1.5% below its level of a year ago.
In Queensland, after a weak set of numbers in November, the story is even stronger. Employment lifted by 36,600 of which 70% were full-time positions; employment is now 1.1% above its level a year ago. The unemployment rate also fell to 7.5% despite a very sharp increase in participation (which has lifted to its highest level since August 2012!). Hours worked per capita also lifted to their highest level since February last year, although they remain down 3.2% from a year ago.
If we consider the story since March 2020 then we see a fall in national employment of 0.7% while in Queensland it is up 0.7%. Hours worked per capita are down 1.7% nationally but up 0.1% in Queensland.
Next week will see the release of the ABS original regional labour force data at which time we will be updating our Conus/CBC Staff Selection Trend and s.a. data series for all of Queensland’s regions.
We are proud to have CBC Staff Selection as supporters of the Conus/CBC Staff Selection Trend Employment and Jobseeker data series