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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
Through the noise, the data continue to show “gradual” easing of the labour market with the unemployment/underemployment rates very gently trending higher, soft hours worked growth and annual part-time jobs growth outpacing full-time. But with jobs keeping up with labour force increases, there is little spare capacity in the labour market.
- Full time employment (FT) growth appears to have picked up again after underperforming part-time (PT) for most of H2 2023. FT jobs rose 78.2k in February after 19.9k and PT increased 38.3k after falling 4.6k and is now running at +7% y/y. On average the trend towards PT continues with FT up only 1.5% y/y.
- The unemployment rate unexpectedly fell below 4% to its lowest since June as the number of new jobs rose sharply while unemployed fell 52k, the first drop in five months. The economy has been struggling to provide enough jobs for those entering the labour market but now in the year to February employment was 1k higher than the increase in the labour force.
- Underemployment returned to the November/December average of 6.6% and underutilisation, which the RBA also monitors closely, fell 0.5pp to 10.3%, lowest since October. Hours worked rebounded 2.8% m/m, same as February 2023, but are still only 0.8% y/y reflecting the “gradual” easing of the labour market.
Australia employment full-time vs part-time y/y%
Source: MNI - Market News/ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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