Unemployment rate to 19-month high

1000,000 FT jobs go in December

Australia's economy shed -65,000 jobs in December, on a seasonally adjusted basis, according to the latest ABS figures, unwinding the surge in November. 

Full-time employment fell by over 100,000 for the first time ever outside the pandemic period. 

Total employed persons came in at 14.2 million. 

This was a 'noisy' release, and there was a massive -0.4pts drop in the measured participation rate in December from 67.3 per cent to 66.8 per cent. 

The unemployment rate crept up only modestly, therefore, albeit to a 19-month high of 3.88 per cent.

The employment-to-population ratio also fell to the lowest level in 19 months, at 64.2 per cent, and average hours worked are declining as the composition of employment has shifted towards part-time roles.

The wrap

Overall, this was a surprisingly soft set of numbers, reversing the apparent strength of previous months.

All of the major bank economists had already agreed that interest rates would remain on hold in February, and a 'write down' of 100,000 full-time jobs won't do anything to shift that view. 

Financial markets weren't much moved. 

James Foster runs through the detailed figures here. 

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