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
RBA buying total A$3.5B under 3-yr target, QE
The RBA is buying A$3.5 billion of government bonds today, with A$1.5 billion as part of its 3-year yield target, and...
Published on : 09 Nov 2020 , 11:33 AMHeadline from RBA Nov Statement on MonPol
RBA Not Contemplating Further Reduction In Interest Rates
RBA: Focus Will Be QE Program, Prepared To Buy More...
RBA buying A$2B of Nov 2028-May 2032 at 1st QE
The RBA is buying A$2 billion of November 2028 to May 2032 government bonds (excluding December 2030 bonds) as p...
Published on : 05 Nov 2020 , 11:21 AMRBA re-opening media lockups?
It appears the RBA's media lock-ups will restart from Friday when the Statement on Monetary Policy will be publis...
Published on : 04 Nov 2020 , 04:16 PMHeadlines from RBA Lowe's Speech Tuesday
RBA Lowe: No Change in View Little To Be Gained from Negative Policy Rate
RBA Lowe: Negative Policy Rate Extra...
More Headlines from RBA Policy
Any bond-buying to support 3-yr target would be in addition to A$100B QE
Not expecting to raise cash rate f...
Published on : 03 Nov 2020 , 02:35 PMHeadline from RBA's November MonPol Decision
From the RBA's November Monetary Policy Decision statement:
-Cuts cash rate target to 0.1% from 0.25%
RBA TFF drawdown steady since Sep 30 as bks await rate cut
Total amount drawdown from the RBA's Term Funding Facility has been unchanged for three straight weeks...
Published on : 30 Oct 2020 , 04:13 PMAustralia Note yields continue declining on expectation of 1bp ES rate
Yields fell further to new record lows at the AOFM weekly T-Note tenders as market factors in the possibili...
Published on : 29 Oct 2020 , 10:42 AMAustralia Note yield drop to new low ahead of RBA cuts
As expected, the yield on near-term T-Note fell to a new record low at today's AOFM's auction. The weighted a...
Published on : 22 Oct 2020 , 10:40 AM