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Labour Force Economic Data Release - November 2010
Labour Force Data released today by the Australian Bureau of Statistics show that in seasonally adjusted (sa) terms, national employment rose 54,600 persons in November 2010. This was considerably stronger than the median market expectations for an increase of 20,000 over the month.
The November unemployment rate eased 0.2% to 5.2%, in line with market expectations.
This significant rise in employment was driven by an increase in full-time employment, up 55,100 people to 8.033 million, which was slightly offset by a marginal decrease in part-time employment, down 400 people to 3.38million.
Key Monthly Changes (seasonally adjusted)
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Employment increased 54,600 (0.5%) to 11,416,900. Full-time employment increased 55,100 to 8,033,300 and part-time employment decreased 400 to 3,383,600.
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Unemployment decreased 19,500 (-3.0%) to 627,800. The number of persons looking for full-time work decreased 15,100 to 441,500 and the number of persons looking for part-time work decreased 4,400 to 186,300.
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Unemployment rate decreased 0.2 pts to 5.2%. The male unemployment rate decreased 0.3 pts to 4.9% and the female unemployment rate was steady at 5.6%.
- Participation rate increased 0.1 pt to a record high of 66.1%.
State Unemployment Rates – November 2010 (Seasonally Adjusted)
NSW – 5.1% down 0.3%
VIC – 5.5% down 0.1%
QLD – 5.3% down 0.1%
SA – 5.5% down 0.1%
WA – 4.5% down 0.2%
TAS – 5.4% up 0.2%
ACT – 3.1% steady (Trend)
November Summary
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Trend
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Oct 2010 |
Nov 2010 |
Oct 10 to Nov 10 |
Nov 09 to Nov 10 |
| Employed persons ('000 |
11 360.1 |
11 390.1 |
30.0 |
3.3% |
| Unemployed persons ('000) |
628.3 |
632.7 |
4.4 |
-3.2% |
| Unemployment rate (%) |
5.2 |
5.3 |
0.0pts |
-0.3pts |
| Participation rate (%) |
65.8 |
65.9 |
0.1pts |
0.6pts |
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Seasonally Adjusted
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| Employed persons ('000) |
11 362.3 |
11 419.9 |
54.6 |
3.7% |
| Unemployed persons ('000) |
647.3 |
627.8 |
-19.5 |
-4.6% |
| Unemployment rate (%) |
5.4 |
5.2 |
-0.2pts |
-0.4pts |
| Participation rate (%) |
65.9 |
66.1 |
0.1pts |
0.7pts |
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The November labour force continues to show that the national economy is growing strongly.
This strength may seem at bit at odds with the weak GDP figures released earlier last week. The point to remember though is that the GDP figures are sort of backward looking in the way they present a more dated picture of economic activity. While the GDP figures related to activity over the September quarter these labour force figures present a more current picture of how the economy was motoring during November. It is also interesting noting the strength of these figures given that interest rates were increased at the start of that of that month. Over the year to November 2010, over 400,000 new jobs have been created compared with 94,000 over the year to November 2009. Furthermore, over the year to November 2010, 312,000 full time jobs were created while over the same period to November 2009, 88,000 full time jobs were lost.
The figures are consistent with the ANZ Banks job ad series released earlier in this week that showed that job rose 2.9% over the month to November to be 33.2% higher annually.
The good news is that the strength of the jobs market supported by the highest participation rate on record means more income which should assist the retail sector gain some momentum over the festive season.
Source: Colliers International Research
Regards,
PRDnationwide Research
Your home of property knowledge
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