Thursday, October 20, 2011

Lowest unemployment rate in three years!

The Far North unemployment rate edged lower again in September to 6.4%.  A further decline is perhaps even a surprise following last months sharp fall but the numbers were quite consistent, with the participation rate increasing.

The current ABS regional series began in November 2007. In fact, these recent ABS numbers indicate the difference between the unemployment rate of the Far North and the rest of Queensland is now LESS than it was in the first year of the series, before the full impact of GFC and collapse of Lehman in September 2008.

However, it does seem the ABS continue to downgrade working age population growth in recent months to an implied 1.1% or so, based on the employment numbers and participation rate. I doubt that is far inconsistent with the trend for most of Queensland either?

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