There's only one word to describe today's #ABS jobs report: UGLY. 19,000 jobs lost: the worst of any month in over 3 years. Job losses in every category: full-time, part-time, men, women. Another decline in total hours worked: the 4th since April...2
Unemployment rate up again: to 5.32%, highest in 2 years. Unemployment rate has risen 0.4 points since Feb. Would have been worse, except for another fall in the participation rate: down for the 6th time this year. That means people are giving up looking...3
Combined with yesterday's report of a further slowing in wage growth, this is more evidence of profound labour market weakness. Will take a combination of strong job-creation measures & efforts to boost wages to get consumers spending (their purchases make up 1/2 of all GDP)...4
Trickle down economics has failed miserably to move Australia's economy forward. We need stronger investment (public and private), expanded public services, and higher wages. Govt's only response: demonise unions and climate activists (to distract from this growing malaise)...5
This jobs report is a good reason to read David Richardson's new paper on the long failure of NAIRU macroeconomic policy in Australia: futurework.org.au/deliberate_pol…. He shows today's combo of chronic joblessness and historically weak wages is the legacy of deliberate, misguided policy
