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AUSTRALIA: Stabilisation Of Labour Indicators Continued In October

AUSTRALIA
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In its November statement, the RBA said “labour market conditions remain tight” and that while it is “easing gradually”, “some indicators have recently stabilised”. In this list, it included youth unemployment, underemployment and hours worked. The October data confirmed this viewpoint and adds to the case to leave policy on hold for now. With the unemployment rate starting Q4 at 4.1%, there is also the chance that the RBA’s 4.3% forecast will be revised down.

  • The underemployment rate fell 0.1pp to 6.2% in October to be down 0.2pp on a year ago and the lowest since April 2023. The 3-month average has been trending down over 2024.
  • The RBA sees the youth unemployment rate as a lead indicator of the labour market and while it is still 2.1pp higher than its July 2022 trough, it also appears to have stabilised at around 9.1% after 9.9% in August. 

Australia unemployment rate 15-24yrs %

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In its November statement, the RBA said “labour market conditions remain tight” and that while it is “easing gradually”, “some indicators have recently stabilised”. In this list, it included youth unemployment, underemployment and hours worked. The October data confirmed this viewpoint and adds to the case to leave policy on hold for now. With the unemployment rate starting Q4 at 4.1%, there is also the chance that the RBA’s 4.3% forecast will be revised down.

  • The underemployment rate fell 0.1pp to 6.2% in October to be down 0.2pp on a year ago and the lowest since April 2023. The 3-month average has been trending down over 2024.
  • The RBA sees the youth unemployment rate as a lead indicator of the labour market and while it is still 2.1pp higher than its July 2022 trough, it also appears to have stabilised at around 9.1% after 9.9% in August. 

Australia unemployment rate 15-24yrs %

Keep reading...Show less