The February job figures for Australia are out. Naturally the regular bloke or sheila that watches the TV news and sees the unemployment rate steady at 5.8 % believes it to be 5.8%. How can this be so when we here of job cut after job cut such as Dick Smith, Woolworths, QLD Nickel, Bank of Queensland, and Barclays to name a few.
Even ABC online suggest it is due to people giving up looking for work as the ‘seasonally adjusted figures point to a 0.2-percentage-point fall in the proportion of the adult population in work or actively looking for it’. South Australia and Tasmania are the highest with 7.7% and 7% respectively.
Looking at the Australian Bureau of Statistics (ABS) websites figures, the Trend unemployment rate is steady at 5.8% and the seasonally adjusted unemployment rate has declined from 6 to 5.8%. So the advertised rate is adjusted. So why is this so when the global economy is in a downtrend and continuing in a downtrend? One factor can be all the changes that have been made in the way the rate is counted. Some changes can be seen here with more to come in the future.
Households that are selected to participate in the ABS survey can now fill out the survey online. For starters who gets to pick the households involved and from which demographic are they from? The online respondents in 2013 was 17.5%, 2014 was 21.1%, and 2015 was 22% with the highest being in the ACT at 32.1% in 2015. The ABS state that ‘Statistical analysis during this period concluded there was no evidence of any reporting bias due to the introduction of online collection’. Yet at the bottom of the page ABS state online participants were more likely to be female, likely to be employed, had a relatively higher participation rate, and more likely to work in higher skilled occupations.
This situation could be the reason why female full-time employment increased 14,800 persons, male increased 1,200 persons, part-time male employment was down 9,800 persons, and female was down 5,800 persons.
The thought here is what can be changed next to get the figures they need to keep the Reserve Bank of Australia (private company) employed considering their job is to provide a stable currency, full employment, and economic prosperity and welfare of the Australian people. Who again runs our country?