Thursday, December 15, 2011

Unemployment: everything goes up

The latest employment data from ABS does not appear to be encouraging with the unemployment rate for the Far North in November up again to 9.2%. However, the underlying story for this month was that everything went up.

The number employed was up by 4,400 from the previous month, which is above average for the year. The number unemployed was also up by 1,300 as the participation rate rose by 2.6 percentage points. That participation rate is near the top of the range for the last year.

The volatility in this monthly data can be seen in the female unemployment rate which has gone from 10.1% in June, down to 4.7% in September, and now back up to 9.8% in November. These subsets are typically flagged with a warning on sample size.

Loose change has been quietly gazing at the economic storm clouds in Europe while trying to comprehend the narrow teutonic mind and it's belief  in the virtuous contradiction of an expansionary fiscal contraction (separate post required). Unemployment in Spain is above 20% with youth unemployment (under 25 yo) at 46%!

P.S. With all this unemployment about can anybody advise of a good reliable roof plumber who can complete some roof repairs with less than a months wait?

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