Australian / Jobless rate dropped to 5.6 percent from 5.8 percent, but not a good news

Australia’s unemployment rate unexpectedly declined in September, adding to evidence a two-year interest rate cutting cycle is boosting demand.

The jobless rate dropped to 5.6 percent from 5.8 percent, the statistics bureau said in Sydney today. That compares with the median estimate for unemployment to hold steady in a Bloomberg News survey of 26 economists. The number of people employed advanced by 9,100.

Chosen excerpts by Job Market Monitor. Read the whole story at 

via Australian Jobless Rate Unexpectedly Declines in September – Bloomberg.

Sorry, no good news in the jobless rate drop

Surprise drop in the unemployment rate

Oh get a grip. Unfortunately the Australian Bureau of Statistics headline of a drop in the seasonally adjusted unemployment rate is a little passing noise with no implications to speak of for interest rates.

I enjoy good news as much or more than the next person, but the reality is that the labour market remained stalled last month, as the accompanying graph clearly shows.

The shadow seasonally adjusted number wobbles about a bit from month to month, but there’s nothing happening with the trend.

The bad news that the labour market has been stagnant now for five months. On the trend count, the nation has added just 600 jobs since April.

The relatively good news is that the unemployment rate also has been pretty stable.

Chosen excerpts by Job Market Monitor. Read the whole story at 

via Sorry, no good news in the jobless rate drop.