Australian labour market delivers more jobs growth but still no trend emerging

The latest labour force data released today by the Australian Bureau of Statistics – Labour Force data – for September 2017 shows that total employment growth was positive but weaker than last month with most of the action coming via part-time employment. However, total hours worked continued to rise, which suggests that employers are offering extra hours to existing jobs. Unemployment declined with a constant labour force participation rate, which says that employment growth was slightly stronger than the underlying population growth – a good sign. Labour underutilisation overall (underemployment and unemployment) was at 13.6 per cent summing to 1,814 thousand persons, which tells you that there is still considerable slack in the labour market. The teenage labour market showed modest improvement but remains in a poor state. Overall, my assessment from last month remains – it still to early to conclude that the uncertainty of the last few years is giving way to sustained growth.

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