Josh Frydenberg NEG

Australia’s new treasurer is getting a pretty easy start. Josh Frydenberg MP had been in the treasurer’s office just a couple of weeks when the new labour force numbers came out. The top line looked good.

Unemployment was at 5.3%, equal to its lowest level since 2012. Meanwhile, people keep streaming into the labour force -- the number of willing workers rose by 26,000 (in trend terms) in the month. Such an influx of job-hunters would have caused a big bump in the unemployment rate if the economy was not creating new jobs. But it did create them. 29,000 more people had a job in August than in July (all this is ABS trend data, which is slightly different to seasonally adjusted data).