Thursday, September 19, 2013

Soft employment in Far North

The ABS regional labour force data was released today and while the unemployment rate edged lower to 7.7% from 8.1% last month other indicators were soft. The estimate of number of persons employed at 132,400 was the lowest since June 2012. The improved unemployment rate was the result of a new low for the participation rate at just 63.7%.

Recent months have been soft for both these indicators and the 12 month moving averages here have either flattened or started to roll over. The employment/population ratio has also been trending down since 2H2012.
As always there is a severe weather warning on monthly volatility in the regional data and will await the seasonally adjusted and trend analysis from Conus.

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