Thursday, March 15, 2012

Ugly Unemployment

The unemployment rate in the Far North for February is back above 10% with the latest ABS regional numbers released today. The disappointing number and recent trend is likely to focus attention on the regional economy ahead of the upcoming elections.

There was negligible change in the estimate of number employed with the rise in the rate being driven by participation and a jump in male unemployedt this month. Despite that, the longer trend in male employment following the GFC building collapse continues to hold and diverge from the trend for female employment. This the lowest estimate for number of females employed since the 2008 wet season.  

This follows a recent run of weaker than expected economic data including last weeks national employment data and yesterdays housing starts.

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