From the ABS, due at 0030 GMT on Thursday 16 November 2017, Labour Force data for October 2017
Employment Change:
- expected 18.8K, prior 19.8K
Unemployment Rate:
- expected 5.5%, prior 5.5%
Full Time Employment Change:
- prior was +6.1K
Part Time Employment Change:
- prior was +13.7K
Participation Rate:
- expected 65.2%, prior was 65.2%
Westpac preview (bolding mine):
- Total employment increased by 19.8k in September, broadly in line with the market median forecast of +15.0k and Westpac's forecast of +25.0k. Part-time employment grew 13.7k, while full-time rose 6.1k, though importantly hours worked posted a solid 0.7% gain. September's result was consistent with the positive momentum seen over 2017. After the Australian labour market went through a soft patch in 2016, employment gathered steam as we moved through 2017 rising 371k or 3.1% through the year to September
- Westpac's forecast of a 20k rise will be a record breaking 13th consecutive monthly gain in employment. It may be tempting to look for a statistical correction but the strength of the labour market indicators in both consumer and business surveys suggest the underlying momentum remains very robust.
- The unemployment rate fell to 5.5% with the participation rate holding at 65.2% though August's number was revised lower from 65.3%. In the month the labour force increased just 7.9k. Note that at two decimal places, participation fell slightly to 65.21% from 65.25%, with male participation falling to 70.7% from 70.8% and female participation falling to 59.8% from 59.9%
- We are expecting the continuing robust growth in employment to draw more people into the labour force, particularly females. This is behind our forecast for a small rise in participation to 65.3% which will hold the unemployment rate flat at 5.5%
