According to the ABS, Australia’s estimated seasonally adjusted unemployment rate for January 2015 was 6.4 per cent, compared with 6.1 per cent for December 2014. This is the highest jobless figure since August 2002, when it also hit 6.4 per cent. However, in trend terms, the unemployment rate was unchanged at 6.3 per cent. The seasonally adjusted labour force participation rate remained at 64.8 per cent in January 2015.
The ABS reported the number of people employed decreased by 12,200 to 11,668,700 in January 2015 (seasonally adjusted). The decrease in employment was driven by decreased full-time employment for both males (down 26,000) and females (down 2,100). The decrease in full-time employment was partly offset by an increase in male part-time employment, up 17,800.
The ABS seasonally adjusted aggregate monthly hours worked series increased in January 2015, up 8.2 million hours (0.5 per cent) to 1,607.6 million hours.
The seasonally adjusted number of people unemployed increased by 34,500 to 795,200 in January 2015, the ABS reported.
The question is, can we trust the seasonally adjusted series, given part performance, revisions, and continued volatility?
