Labour force in detail
The ABS released its (largely ignored) detailed labour force survey today for the month of April 2019.
I've jotted down a few points of general interest below, with a couple of memes to brighten up an otherwise predictably wonkish post.
Unemployment rates are no longer trending lower in Sydney and Melbourne.
In several other capital cities annual average unemployment rates are floating well above 6 per cent.
Sydney has had such a tremendous run in this respect; yet so many construction projects are winding down now that it's difficult to see much in the way of improvement from here, even for an eternal optimist such as my good self.
And still there's not been too much in the way of wages growth, though perhaps we are through the trough now.
Gizza job...
The median duration of job search has improved moderately over the past year in New South Wales (13 weeks), and quite significantly in Victoria (12 weeks).
But it remains relatively higher in Queensland and South Australia (both 18 weeks).
The Northern Territory is highly seasonal but you'd better allow for six months up there in the present climate.
Here's the national picture:
With inflation decelerating there's realistically nowhere for interest rates to go but down, and down again.
Funding costs plunge again
Interestingly, as a sundry observation, bank funding costs have also receded to record lows, meaning that we may see out-of cycle cuts to fixed rate mortgages too.
This represents a remarkable turnaround from last year when all the talk was about spiralling funding costs and how many times the Fed might hike.
Instead, borrowers look set to enjoy the lowest mortgage rates on record.
