With talk of economic misery abounding, this morning's jobs report from the Australian Bureau of Statistics will have the gloomsters rattled. There's no evidence of a worsening in the jobs market from the October labour force numbers, which showed a steady unemployment rate of a seasonally adjusted 6.2% off a flat participation rate (from 64.5% in September to 64.6% in October). The number of people employed increased by 24,100 to 11,592 million in October. The increase in employment was driven by increased full-time employment for both women (up 26,100) and men (up 7,300), partly offset by a fall in part-time employment, down 9,400. Normally, that suggests a labour force slowly improving, especially when allied with a sharp rise in the number of hours worked -- nearly 25 million in October. On a trend basis, the jobless rate was steady at 6.2%, as was the trend participation rate at 64.6%.
Benign jobs report won’t suit the doomsayers
October jobs data shows the economy isn't faltering, even if we treat the ABS's numbers with caution, Bernard Keane and Glenn Dyer write.