Unemployment figures have just been released from the ABS with the full release here: (VIEW LINK) . Certainly no alarm bells in the headline figure with the seasonally adjusted unemployment rate falling 0.2 pts to 6.0%. The report states; "Employment increased 42,000 to 11,759,600. Full-time employment increased 14,700 to 8,128,600 and part-time employment increased 27,300 to 3,630,900."
US population compared to Australia is approx 15 times. If we are averaging around 30,000 new jobs for the past few months, on comparable basis that is like US creating around 450,000 new jobs. The reality is that US is creating half that despite it being one of the few countries on the recovery path. I am no statistician, but the relative comparison tells me that there is something wrong when economic growth is below trend, business capex is weak, consumer sentiment is weak, there is no credit growth and we are coming to the end of "once in a lifetime" commodity boom. As a broker I would love to see this kind of job recovery, but it does not add up. I could be wrong :)
I never really know what to make of the individual releases on data points such as these - there always seems to be revisions and errors in the counting. However, I do like to look at longer term trends and as per the Bloxham post above there looks to be (at least for now) a trend lower. There are new businesses being set up that may well be hiring and employing people but aren't yet making a meaningful contribution to GDP.