Powered by MOMENTUM MEDIA
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.

Advertisement
Advertisement

“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.”

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.”

Building and job numbers remain weak
mortgagebusiness

 

Latest News

The newly instated BOQ CEO has committed to revamping the bank’s home lending business amid a “disappointing” FY19 result. ...

The chairman and CEO of a non-major bank has called for an end to political “point scoring” at the expense of Australia’s banking syst...

The value of home loans taken out by investors has increased 11.6 per cent in the three months ending August 2019, according to a CoreLogic ...

FROM THE WEB
podcast

LATEST PODCAST: Mortgage pricing and product switching

Do you think the mortgage market will see more consolidation this year?

Website Notifications

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