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Originally published in “The Australian” During the 12 months to May 2014, YoY employment growth was 99,400, unemployment growth was 43,000 and Not in the Labour Force growth was 197,500. Given our long term participation and unemployment rates of about 65 percent and 5 percent respectively, we should have seen employment growth of 210,000,
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The reader is advised that Labour Market data provided by the Australian Bureau of Statistics has undergone a major overhaul leading up to the preparation of the February Quarter figures.
We have been saying for some time that any improvement in the labour market could be identified by a rise in employment numbers, accompanied by a rise in the unemployment rate and this time may have finally arrived. What has been needed since the GFC is a surge in private sector jobs growth, strong enough
