Australia jobless rate drops to 6.4%; hours worked falls sharply due to leave
By Sophia Rodrigues
Published On 18 Feb 2021 , 12:08 PMAustralia's unemployment rate fell to 6.4% in January from 6.6% as the number of employed rose 29,100 while the number of unemployed fell 34,300, data from ABS showed. The participation fell to 66.1% from 66.2%, indicating there was a net flow from the unemployed to employed.
The highlight of the data was a big fall in monthly hours worked which the ABS has attributed to larger-than-usual number of people taking leave during the holiday season (otherwise it is unusual to see such a large drop in hours worked (4.9%) when there is a net rise in full-time employment).
As a result, average hours worked per person dropped to the lowest on record 128.8 hours in January, compared to the previous low of 129.8 hours in April 2020 at the height of the pandemic. The month of February is likely to see a big reversal in hours worked.
LATEST SNIPPETS
Australia's core CPI in RBA target band for first time since 2015
Australia's Q3 CPI shows core inflation rising into RBA's target band for the first time since 2015 (and impo...
Published on : 27 Oct 2021 , 11:39 AMAustralia's big four banks on RBA's 0.1% April 2024 target
Big four banks on the RBA's 0.1% target on April 2024 bond:
--ANZ expects the RBA to drop the target wh...
Published on : 27 Oct 2021 , 10:55 AMANZ economists expect RBA to drop April 2024 target if guidance shifts
Economists at ANZ Bank expect the RBA to drop the 10bps target on April 2024 bond if it brings forward timing for the...
Published on : 27 Oct 2021 , 09:18 AMAustralian dollar currency notes on issue crosses 100 billion
The amount of Australian dollar currency notes on issue crossed the A$100 billion mark this week, rising to A$100.153...
Published on : 22 Oct 2021 , 05:25 PMSome Facts On RBA/AOFM Bond Lending Facility
Following RBA announcement after market hours Tuesday about indicative fee for borrowing (RBA as lender) April 2023 a...
Published on : 20 Oct 2021 , 10:12 AMRBNZ's Hawkesby Promoted to Deputy Governor
The Reserve Bank of New Zealand has announced the promotion Christian Hawkesby to the position of deputy governor, ef...
Published on : 06 Oct 2021 , 12:00 AMBig Four Banks Forecast for RBA Cash Rate
Big four banks' forecast for the RBA cash rate:
--ANZ expects first rate hike in 1H of 2024. "Our...
Published on : 17 Sep 2021 , 10:50 AMRBA Lowe's speech at 1300 hours today
Small change in timing of RBA Governor Philip Lowe's speech this afternoon, now at 1300 hours Sydney time (was 12...
Published on : 14 Sep 2021 , 11:55 AMAOFM's 2032 Treasury Indexed Bond Syndication likely A$3.0B
The AOFM is expected to issue A$3.0 billion of 0.25% November 2032 Treasury Indexed Bond after orderbook topped A$7.1...
Published on : 24 Aug 2021 , 09:10 AMAOFM's 2032 Treasury Indexed Bond Syndication Attracts A$3.3B
The AOFM's syndication of 0.25% November 2032 Treasury Indexed Bond attracted orderbook over A$3.3 billion by 130...
Published on : 23 Aug 2021 , 02:23 PM