Much ado about nothing today as the pundits try to make sense of the employment and unemployment figures from the Australian Bureau of Statistics. I’m happy to stick with the trend figures for what is always a volatile series. And the trend indicates that economic growth is just enough to stop things getting much worse and that’s about it.
Perhaps the ABS figures for total hours of paid work give the best indication.
Over the last year the increase in hours worked is a meagre 0.56% and that is less than the increase in the number of people available to enter the labour force. Clearly it is not a time to be reducing government spending.