Figures released today by the Australian Bureau of Statistics show a fall in the Australian seasonally adjusted rate of unemployment to 5.3% on a steady participation rate. Aggregate hours worked also increased slightly.
The numbers suggest a continued strengthening in the Australian economy. The Treasury November forecast of 6¾ peak unemployment that I mentioned yesterday in Australia's financial outlook February 09 sure looks a long way away!
Postscript::
A number of commentators have suggested that aggregate hours worked have fallen, whereas I said they have increased. The reason lies in the difference between the trend numbers (just up) and the seasonally adjusted numbers (down).
Overall, commentators appear to be correct when they suggest that average hours worked had declined slightly (no of jobs worked, aggregate hours much the same).
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