We haven’t seen a number this low since 2011. That’s low enough that you can expect to see Australia’s Treasurer Josh Frydenberg on the nightly news grinning. Heck, this number is low enough that Prime Minister Scott Morrison might decide to come along to help claim the credit.The low unemployment rate is a very good achievement. But it is also a bit of a statistical anomaly. We managed to get lower unemployment while the economy didn’t actually gain many new employed people.
In February, more people were out of the labour force than before — the labour force participation rate fell. This means that the number of unemployed people was lower in February, by 12,000. But they didn’t all move into jobs.There is bad news hidden in our good employment numbers. Picture: AAP Image/Lukas CochIt’s easy to expect all the economic data to show the same picture. Everything else in the Australian economy seems toIf only it was that simple.
Prophets of doom !
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