Volatility in Australian Job Market as Employment Falls by 65,000 in December

A volatile labour market showed signs of cooling heading towards the new year, as the number of people in jobs fell by 65,000 in December from previous record levels. The unemployment rate held steady at 3.9 per cent, remaining below the historically low 4 per cent threshold since March 2022 when the economy was rebounding from pandemic lockdowns.

Eddie Jin Changing hiring patterns in the months leading into Christmas was likely behind the volatility in monthly jobs figures, the Australian Bureau of Statistics and market economists said. The reported job losses last month is a partial reversal of employers bringing forward hiring for the Black Friday-Cyber Monday retail sales weekend, which contributed to an unusually strong HSBC economist Paul Bloxham said it was unlikely the jobs market started “dropping off a cliff” in December.“A likely driver of the strength, followed by substantial weakness, is changing seasonal patterns,” he sai

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Fuente: FinancialReview - 🏆 2. / 90 Leer más »