In an election year all incumbent governments tend to casually toss around figures which paint rosy pictures. Given the growing reputation of the Morrison Government, perhaps it is wise to at least start off with reliable labor force, cost of living, consumer confidence & job numbers for the first month of 2022 in Australia & New South Wales

 

The first labor force and household economy breakdowns of 2022.

Based on Australian Bureau of Statistics (ABS), LABOR FORCE: Headline estimates of employment, unemployment, underemployment, participation and hours worked from the monthly Labour Force Survey, January 2022 – released 17 February 2022:

Key statistics

Seasonally adjusted estimates for January 2022:

• Unemployment rate stood at 4.2%

580,000 unemployed - up from 574,400 in December 2021.

• Participation rate increased to 66.2%

Up from 66.1% in December 2021. However, participation decreased by 0.4 pts for men to 70.4% and increased by 0.6 pts to 62.1% for women

• Employment increased to 13,255,000

An increase of 12,900 people or 0.1% since December 2021.

Full-time employment decreased by 17,000 to 9,077,300 people, and part-time employment increased by 30,000 to 4,177,600 people. Part time employed made up 31.5% of all employment.

• Employment to population ratio increased to 63.4%

Up 0.3% since December 2021.

• Underemployment rate increased to 6.7%

Up from 6.6% in December 2021.

• Monthly hours worked decreased by 159 million hours

A decrease of 8.8% (in seasonally adjusted terms) between December 2021 and January 2022.

In New South Wales in January 2022

• Unemployment rate stood at 4.2%

Up 0.2% from December 2021

• Participation rate stood at 64.8%

A 0.2% fall since December 2021.

• Employment stood at 4,137,200

A 0.2% fall since December 2021.

Full time employment fell by 27,100 people and part time employment fell by 42,100 people. Part time employment made up est. 29% of all employment.

• Employment to population ratio fell to 58.2%

Down from 58.4% since December 2021.

• Underemployment rate increased to 6.4%

Up from 6.2% in December 2021.

• Monthly hours worked deceased by est. 78.18 million hours.

Going from 578,333.6 hours in December 2021 to 500,148.7 hours in January 2022.

ANZ Job Ads report, 7 February 2022:

ANZ Australian Job Ads fell 0.3 per cent in January following a downwardly revised 5.8 per cent drop in December. Despite the surge in Omicron cases, Job Ads remained 9.6 per cent above the Delta-lockdown lows. 

Based on ABS, Cost Price Index - Weighted average of eight capital cities, All groups - going into January 2022:

In December Quarter 2021 the Cost Price Index totalled 121.3 - a rise of 1.3% on the September Quarter. The 5 Selected Living Cost Indexes (LCIs) having risen for all 5 household types. 

In the period 1 January to 31 December 2022 the LCI rise across all categories was between 2.6% and 3.4%:

• Transport was the main contributor for all five population sub-groups, with the price of Automotive fuel rising 32%.

• The Age pensioner household sub-group had the highest annual increase (+3.4%). Food makes up a higher proportion of this sub-group compared to the others. This household group also had the highest annual increase in housing costs.

• The Employee household sub-group had the lowest annual increase (+2.6%) due to Mortgage interest charges falling over the year. Excluding Mortgage interest charges, this household group would have risen 3.1%.

Based on ANZ-Roy Morgan Consumer Confidence: 

17-23 January 2022

 Australia - 101.1 up 2.2%, rising above the neutral level of 100 but dropping in NSW by -2.4%.

14-30 January 2022

Australia - 101.8 up 1.7% and, after three weeks of decline in NSW state consumer confidence rose to 6.2%.