When Australia released its October jobs data a month ago (printing an astonishing 58k increase - almost 6 times expectations of a 10k increase), the media threw up all over the farce of the best jobs gain in 3 years (amid commodity price collapses, mining industry bankruptcy fears, and China trade implosions) saying simply "don't believe the jobs figure for October." So we cannot wait to see what the men from downunder make of November's print. With expectations of a 10k drop, Australia added a mind-numbing 71,400 jobs - the most in 15 years! ! This is equivalent to the US adding almost 1.75 million jobs in 2 months... They just don't care anymore!
Best Jobs print in 15 months...
November was an 8 standard deviation beat... which followed a 6 standard deviation beat in October...
The big surge in jobs last month, which was the largest gain since July 2000, raised renewed skepticism about the accuracy of the data, which the Australian Bureau of Statistics has acknowledged in the past.
This is the biggest 2-month increase in jobs since January 1988...
Does this look like companies that are hiring at the fastest pace in 27 years!!!
“It’s hard to believe that employment has grown 130,000 over two months in the context of everything else,” said Michael Turner, fixed-income and currency strategist at Royal Bank of Canada in Sydney. “But there’s got to be some signal in this, not just noise.”
No - there really doesn't. It seems Australia has figured out how to create jobs when its biggest trading partner is hemorrhaging them...
And it appears the hiring has been going on "stealthily" as businesses are not reporting any improvment at all...
The economic propaganda was slammed last month:
The ABS is itself cautions against placing too much credence on the monthly figures, which are based on a changing sample, particularly the seasonally adjusted data. The statistician encourages people to focus on the trend estimate (which had the unemployment rate unchanged).
And, after a series of stuff ups, revisions and methodological changes over the past year, there is even more room for caution.
Last year, the ABS was forced to abandon seasonally adjusted labour force numbers for a period after conceding they were unreliable. The former chief statistician recently said the data was not worth the paper it was written on.
Wait, what: confidence boosting data is unreliable? Surely you jest.
And here is the ABC's conclusion confirming at least one "developed" country still have a thinking media: "don't be surprised if the October labour market data is revised."
Nope, no revision - just an even more ridiculous "injection" of confidence.
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If only we could say the same about propaganda rags in the United States
