Thursday, August 16, 2012

Unemployment moves!

The fact that the unemployment rate for the Far North actually changed this month is the only thing of interest. The rate nudged down from 9.1% to 8.5% however the estimate of people employed is below the equivalent period last year. That is despite anecdotal reports and observations of a strong tourism season. Loose Change heard yesterday of a local recruitment agency which previously had close to 100 temps on their books for the public service who are now gone! Conus Consulting has posted an update on the latest numbers and reminded that the ABS regional stats are not seasonally adjusted:

As we constantly remind people, these are un-seasonally adjusted figures and are therefore extremely volatile. Our own Conus Trend series shows the trend unemployment rate at 9.0% (from a revised 8.9% in June) and we have now seen 10 consecutive months without a reduction in the trend unemployment rate since its low in Sept last year at 7.9%.
This months most volatile activity was in female employment with the male unemployment rate actually up on a higher participation rate. ABS estimates for number employed by sex:

 

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