Unemployment Rate

 

ABS Labour Force for November is out and the result is…well…not too good but not awful either with unemployment climbing to 5.3%:

NOVEMBER KEY FIGURES

 

		Oct 2011	Nov 2011	Oct 11 to Nov 11		Nov 10 to Nov 11
Trend
	Employed persons (’000)	11 452.3	11 456.5	4.2		0.6	%
	Unemployed persons (’000)	636.2	638.7	2.5		3.9	%
	Unemployment rate (%)	5.3	5.3	0.0	pts	0.2	pts
	Participation rate (%)	65.6	65.6	0.0	pts	-0.3	pts
Seasonally Adjusted
	Employed persons (’000)	11 463.4	11 457.1	-6.3		0.4	%
	Unemployed persons (’000)	626.5	635.8	9.4		2.4	%
	Unemployment rate (%)	5.2	5.3	0.1	pts	0.1	pts
	Participation rate (%)	65.6	65.5	-0.1	pts	-0.5	pts

40,000 full time jobs lost is a shocker. Part time jobs jump is something of an offset. Here’s the rest:

NOVEMBER KEY POINTS

TREND ESTIMATES (MONTHLY CHANGE)

• Employment increased to 11,456,500.
• Unemployment increased to 638,700.
• Unemployment rate steady at 5.3%.
• Participation rate steady at 65.6%.
• Aggregate monthly hours worked decreased to 1,622.2 million hours

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)

• Employment decreased 6,300 (0.1%) to 11,457,100. Full-time employment decreased 39,900 persons to 8,026,300 and part-time employment increased 33,600 persons to 3,430,800.
• Unemployment increased 9,400 (1.5%) to 635,800. The number of persons looking for part-time work increased 16,500 to 181,300 and the number of persons looking for full-time work decreased 7,100 to 454,600.
• The unemployment rate increased 0.1 pts to 5.3%. The male unemployment rate remained at 5.2% and the female unemployment rate increased 0.2 pts to 5.3%.
• The participation rate decreased 0.1 pts to 65.5%.
• Aggregate monthly hours worked decreased 11.3 million hours to 1,616.8 million hours.

LABOUR UNDERUTILISATION (QUARTERLY CHANGE)

• Trend estimates: The labour force underutilisation rate increased 0.2 pts to 12.5%.
• Seasonally adjusted estimates: The labour force underutilisation rate increased 0.2 pts to 12.6%. The male labour force underutilisation rate increased 0.1 pts to 10.6%. The female labour force underutilsation rate increased 0.4 pts to 14.9%.