Economy stalling

65,000 jobs lost in December 2023

You’d think if 65,000 jobs disappeared, the news headlines would be SHOCK! HORROR! But nah. It’s hardly a blip, which tells you a lot about the priorities of most Australian reporters.

ABS figures showed that more than 65,000 jobs were lost during last December, the biggest fall since 1993 outside of COVID lockdown periods.

The data shows there were 106,600 fewer full-time jobs in December when compared to November, but there were an extra 41,400 people employed part-time.

Hang on. 106,600 fewer fulltime jobs! That’s a story in itself.

Before COVID, you have to go back to February 1993, in the aftermath of “the recession we had to have”, when employment fell by nearly 69,000 in one month.

A slump in the participation rate — the proportion of Australians aged 15 years or older either in work or actively looking for it — from 67.3 to 66.8 per cent prevented the drop in jobs translating to a rise in unemployment.

Geez. That’s a relief for the 106,600 people who lost their fulltime job and now can’t pay the mortgage or rent, put food on the table, pay bills and who face the nightmare of dealing with social services.

Not that the lower and middle classes can pay rent and mortgages now.

The economy is stalling.

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