ScoMo is glowing as the unemployment rate DROPS!!!!

What an achievement getting people off WELFARE onto a job which gives them a feeling of pride and self worth.

One shudders to think what the unemployment rate would be now if the Chinese Labor Party had gotten in - 20%!!!!! as the crazy unions shut Australian companies down at the rate of 5 a week throwing workers out on the street as the LIMA Agreement is pursued to send Australian jobs overseas as the Chinese bribe Labor to import from China.




Jobless rate edged lower to 5.2% in September
11:50am, Oct 17, 2019 Updated: 33m ago


The unemployment rate edged lower to a seasonally adjusted 5.2 per cent in September.

The unemployment rate edged lower to a seasonally adjusted 5.2 per cent in September, albeit driven by a drop in the participation rate.



Capital Economics senior Australia, Japan and New Zealand economist Marcel Thieliant said the central bank will be relieved, but that the jobless rate will soon rise again.

It rose to 5.3 per cent from 5.2 per cent in August.

“Employment surveys point to jobs growth slowing to around two per cent by early next year and falling job vacancies suggest that the slowdown could be even more pronounced,” Mr Thielant said.

“While job advertisements haven’t fallen much further in recent months, they still point to an unemployment rate of around 5.5 per cent.”

That is well above the RBA’s 4.5 per cent target, which Mr Thieland suggested means further rate cuts are still needed.

“We reiterate our forecast that the unemployment rate will climb to 5.5 per cent by early next year and expect the RBA to cut interest rates to 0.5 per cent in December,” he said.

“And as inflation falls further below target, we think it will follow up with another cut to 0.25 per cent by early next year and will eventually launch quantitative easing.”

-AAP

https://thenewdaily.com.au/money/finance-news/2019/10/17/jobless-rate-edged-lowe...

Which planet are you guys come from.  Wage growth is at an all time low, interest at all time low.  But the economic activities are very poor, so much so that there is more rate cut to come.  People are either giving up finding jobs (e.g. lower participation rate), or not earning enough to keep up.

juliar wrote on Oct 17^th, 2019 at 1:20pm:


Yes, just like a surplus at all cost.

That you would have got if the Chinese Labor Party had gotten in and reduced Australia to ashes funded by Chinese bribes.

If the unemployment numbers go down these days it usually means a lot of people have given up looking for work - especially full time work - and they're no longer registered with Centrelink (which, presumably, is how they determine the unemployment numbers).

Some may even just be working a few hours a week to get themselves off Centrelink benefits and the hassles that go with it.

Nothing to do with Scott Morrison. Well, actually, I suppose it does - ScoMo and his bunch of useless clowns are actually making unemployment worse with their ongoing incompetence.

The one million Australians forgotten in the unemployment statistics   
17 Oct 2019  New Daily

Australia’s jobless rate dipped slightly on Thursday from 5.3 per cent to 5.2 per cent.

That’s around 709,000 people officially unemployed in Australia.

While any reduction in unemployment is generally to be welcomed, one economist reckons there’s little to cheer about, arguing that the 709,000 figure is a myth, and that our true number of unemployed is more like a staggering 2.9 million people.

And that is down largely to a shadowy, little-known group called the “marginally attached” which comprises around 1.055 million Australians.

The marginally attached is a group that is counted among neither the unemployed nor the underemployed.

They are people who would like to work, and are available to work, but aren’t looking, mainly because they think there are no jobs for them.

They are also referred to as “discouraged workers” – people who have applied for job after job but eventually give up on the prospect of finding work.

And Dr Jim Stanford, the chief economist with The Centre for Future Work, believes there’s a case to consider the marginally attached as part of Australia’s genuinely unemployed.

Dr Stanford said if you count the marginally attached, our unemployment rate would be a touch under 12 per cent – not the 5.2 per cent commonly used.

He also argues that if you include the “underemployed” – people  working some hours, but who would like to work more – the unemployment rate tops 19.7 per cent, based on the September numbers of underemployed of 1.139 million people.

Dr Stanford said combining the marginally attached and underemployed with the officially unemployed provided a truer picture of the jobs market.

“This says to me that one in five potential workers in Australia, or about 20 per cent, are people who want to work, want to work more, aren’t working at all, or working less than they want to,” Dr Stanford said.   

“The reality is there’s an enormous pile of people who could work and contribute enormously to our economic performance, but are sitting on the sidelines.”

Bear in mind that to qualify as officially unemployed, a worker cannot have worked at all during the week covered by the monthly ABS survey.

If they worked even one hour, they’re not unemployed, but are a part-time worker.

An unemployed worker must also prove they have been seeking work actively enough to meet the ABS definition, which can mean registering with an employment agency, submitting applications, or starting a business.

“Because of these hurdles, hundreds of thousands of Australians who want work [or want more work] are excluded from the official unemployment number,” Dr Stanford noted.

Considering the marginally attached as part of the nation’s jobs market was important because, as people who had repeatedly tried to get work but been knocked back, they were a barometer of the toughness of the market.
Don’t mind the quality – feel the width

APAC economist with jobs site Indeed Callam Pickering agreed the unemployment rate was “narrowly defined”, and there was a case for the marginally attached to be considered as part of it.

“Ultimately, if you are in a tough labour market where there are not many jobs being created, or the wrong types of jobs being created, job seekers can easily become discouraged and easily fall out of that labour market,” Mr Pickering said.

But there have been plenty of new jobs.

Around 311,000 jobs have been created in the year to September, making it the longest period of consecutive jobs growth since 1978, when the ABS began recording monthly job statistics.

But Dr Stanford and Mr Pickering point out that there are jobs and jobs.

“Employment growth is actually softening,” Mr Pickering said.

“The quality of jobs being created is not what it was 12 months or even two years ago.”

Over the past year, an estimated 60 per cent of the new jobs created were full time, which was lower than average, and most of these were concentrated in Sydney and Melbourne.

“A lower share of these jobs are full time … and the growth in hours worked is growing slower than overall employment, which means average hours are declining, which speaks to the quality of jobs being created.”

Job creation was “not that bad, but not great either”, Dr Stanford said.

“I certainly don’t buy the shorthand of the government, that job creation has been excellent … the quality of jobs has been deteriorating and more and more jobs are part time, so the ability of people to support themselves from these jobs is questionable.”   

One day Whiteknight will get a job

whiteknight wrote on Oct 18^th, 2019 at 6:10am:


Yes. 709,000 is definitely a myth.

I remember when the Federal government stopped giving unemployment statistics as an actual number, could have been the late 80's or early 90's.

The number was gradually increasing - 700,000... 750,000... 800,000... 850,000... 900,000. The last actual figure I saw was around about 950,000 from memory.

Just when the number was going the hit the "politically sensitive" one million mark we started seeing percentages - 5%, 6%, etc. Looks much better for the government, doesn't it?

And, since the population is going up all the time along with the number of unemployed, the unemployment figure always stays around 5% despite the fact that we probably now have around 2 to 3 million umemployed.

I would like to see a 'real' number given by the government for the unemployed like it used to be before we hit the million mark many years ago - I won't be holding my breath though.