Australian labour force data – policy failure now stark
Today’s release of the – Labour Force data – for July 2014 by the Australian Bureau of Statistics shows a deteriorating situation. The Australian labour market is weakening. While the participation rate rose by 0.1 points, which pushed extra workers into the labour force,the negative employment growth was well below the underlying population growth and so unemployment would have risen without the participation rate rise. In fact, unemployment rose sharply in July to 6.4 per cent. This is a terrible outcome. There are now 789 thousand officially counted as unemployed. Overall, the labour market is scudding along a very flat path and unemployment continues to eke its way up. The teenage labour market also weakened and in my view represents a national emergency. Overall, the policy failure at the federal level is now stark.