ONLY CHARTS #232

Aus new house sales, Aus unem rate conundrum, Aus resi vacancy rates, Aus migration, NZ migration, Aus Jobseeker recipients

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1. The number of new house sales by large developers in Australia declined in November to the lowest level since January.

New house sales and building approvals have both been on a rising trend since early 2023 and it’s not clear if the recent decline in house sales is largely volatility.

2. The ABS hinted yesterday that part of the decline in the Australia’s measured unemployment rate in November was because there was “a higher than usual number of people moving into employment who were unemployed and waiting to start work in October“.

Using gross flows data, however, does not show an increase in the share of unemployed persons moving into employment in the month. Actually, it was the opposite.