Dodgy Recovery!

Today Thursday 9th of June the ABS released its latest employment figures (Labour Force, Australia, May 2011 - catalogue number 6202.0).

Last time we reported employment falling by 22,100 fulltime positions (equivalent to a loss of 308 thousand in the US).

At the time, the loss seemed so severe that raised questions about a statistical fluke, as can be seen in my previous comment and here.

Last May seasonally adjusted employment fell again, by 22,000; but it was partially compensated by 29,800 part time new jobs.

Employed Persons

From the chart above (taken directly from the ABS) It would seem that trend employment has reached a peak, barring unforeseen positive events.

Hours worked increased slightly, by 0.4%, although not enough to compensate for April's fall of -0.9%.

Labour underutilization rate (unemployed plus part-timers looking for extra work) increased to 12.2, from February.

At the other hand, not even our esteemed pundits, experts, journos, bloggers and others seem to be calling for an urgent interest rate hike, any more.

Which, come to think of it, sounds really ominous.