Australian employment report for September

Employment Change: -138K for a miss

  • expected -120K, prior -146.3K

Unemployment Rate: 4.6% for a beat but above the previous month

  • expected 4.8%, prior 4.5%

Full-Time Employment Change: +26.7K

  • prior was -68K

Part-Time Employment Change: -164.7K

  • prior was -78.2K

Participation Rate: 64.5% ... this (very big) drop helps to explain the unemployment rate not being as bad as was expected

  • expected 64.7%

  • prior was 65.2%

Total hours worked are up, +15m hours

Number of people employed is back around where it was in December 2020 and back beneath its pre-pandemic level.

  • 0.9% below pre-pandemic peak
  • down 2.2% over the past two months

AUd is little changed. Economic bounce back is expected as the states of NSW and Vcitoria, just under 50% of the Australian population gradually reopen in the weeks ahead.

more to come

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Background here: