ONLY CHARTS #246
Aus labour market, Aus net immigration, NZ household saving, NZ food inflation,
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1. Australia’s unemployment rate ticked higher as expected to 4.0% in December (in unrounded terms it rose from 3.93% to 3.98%). This remained below the most recent peak of 4.2% in July last year.
Employment jumped +56.3k m/m, resulting in a rise in the employment-to-population ratio to a record high of 64.46% from 64.33% in November.
The labour force participation rate rose 0.17ppts to 67.13%.
Australia’s unemployment rate is now clearly tracking below the RBA’s latest forecasts.
2. The pattern of monthly employment growth in Australia through Q4 2024 was quite different to that seen in the past 2 years. Employment fell sharply in December in both 2022 and 2023 following solid growth in October and November in those years.
In 2024, employment growth was soft in October and November before jumping higher in December.
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