Powered by MOMENTUM MEDIA
subscribe to our newsletter

Building and job numbers remain weak

Employment and home building figures from the Australian Bureau of Statistics have failed to shed positive light on the state of the economy.

NAB Group chief economist Alan Oster said the ABS now believes it has pinned down the seasonal adjustment issues facing the labour force survey.

“Having revised the underlying data, it now appears that seasonally adjusted employment fell in both August and September and the unemployment rate rose to 6.2 per cent,” Mr Oster said.

“Employment rose 0.2 per cent in October but a compensating rise in the participation rate left the unemployment rate unchanged at 6.2 per cent,” he said.

“The new ABS method continues to point to quite tepid labour demand.”

Advertisement
Advertisement

While some forward indicators, such as ANZ job ads and the NAB employment index, have gained momentum, the overall outlook for the labour market remains quite soft, Mr Oster said.

Meanwhile, forward indicators for building activity weakened in September and the recent strength now looks to have been something of a local peak.

“Private house approvals declined for the second consecutive month in September and the bumpy ‘other dwelling’ sector gave up its gains from the previous month (about half of them from large apartment projects)," Mr Oster said.

“HIA house sales declined in September, although new multi-unit sales recorded a strong rise,” he said.

“Despite a pickup in private commercial approvals, the value of total non-residential approvals also fell in September.”

PROMOTED CONTENT


Building and job numbers remain weak
mortgagebusiness

Latest News

Politicians have traded blows while debating the repeal of responsible lending laws in the lower house, ahead of today’s Senate hearings. ...

The non-bank lender reported an 88 per cent rise in profit and a 14 per cent increase in its loan book over 1H21, despite a drop in the volu...

There was a 26 per cent rise in loans originated through the broker channel at the non-major bank as at 31 December 2020, according to its r...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: BOQ’s acquisition of ME Bank

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.