Unemployment under 5%

[Jovial Monk]

Pretty good.

Full time, part time, participation rate and hours worked ALL went up!

I thank Rudd/Swan/Tanner/Gillard and Henry, pretty solid effort by them. Henry really goes out on a high!

RBA might be itching to raise rates but even that bunch of idiotic NAIRU worshippers would have to pause considering that the housing bubble is exhaling air in all directions.

[Leftwinger]

Was just about to post this topic. Beat me to it JM.

Quite good news there. Participation rate and aggregate monthly hours worked rose, so the unemployment rate did not fall as a result of people leaving the labour force, which has been an unfortunate feature of the stumbling US recovery thus far.

[al.coholic]

sooo unemployment rises and you guys are celebrating!

[Jovial Monk]

Unemployment fell, employment rose. Geez

[al.coholic]

The male unemployment rate increased 0.2 pts to 4.9%


http://www.google.com.au/#hl=en&source= ... 6fc479d336


yeah really

[Sappho]

Centrelink recognises that the lower unemployment rate will extended wait times and delayed processing. Centrelink's staff funding is linked to the unemployment rate... Our funding model pays a minimum for pensioners and families and a maximum for unemployed... this means that the less unemployed people there are, the less staff we can afford across all payment streams.

Centrelink apologizes for the inconvenience this will cause. Your patience in these trying times is important to Centrelink. Maybe one day, those that prepare the funding model for Govt... will present a model that better reflects the work centrelink does across all payment streams. Certainly... it's been in the pipe lines for the decade I've been around.

[al.coholic]

well


there goes all the labor voters!

[Leftwinger]

The male unemployment rate increased 0.2 pts to 4.9%


http://www.google.com.au/#hl=en&source= ... 6fc479d336


yeah really

You're looking at the February data instead of March.

[Jovial Monk]

How Labor steered Australia through the GFC, saving jobs:

Treasury estimates the stimulus saved around 200,000 jobs, and he says the loss of those positions would not have been temporary, but would have led to long-term unemployment similar to that now seen in the US, or in Australia during the early 1990s.

High unemployment from a recession takes 5-10 years to reduce down to normal—just look at the US, 9%+ unemployment still.

http://www.wilsoncenter.org/events/docs ... ession.pdf

Also:
http://www.abc.net.au/news/stories/2011 ... ion=justin

[Jovial Monk]

This is the closest to a national accounts thread I could find:

Economy contracts by 1.2% (seasonally adjusted) in the March quarter 2011

(C Uhlman tweet, from PB)

Some “economists” had been predicting 3% hit!

Guess what, no “will the RBA raise rates” BS this month!