After seeing today’s new ABS Labour Force data, I’m worrying a bit more about the state of the Queensland economy. Employment in Queensland appears to have contracted slightly in recent months. Here’s a chart I’ve borrowed from OESR’s information brief:
The impression I get when I’m out and about is that Brisbane is doing well, so the problem must be in regional economies, and most likely in those not directly benefiting from the resources boom – i.e. possibly the Gold Coast and Far North Queensland.
Gene, agreed. Certainly as far as FNQ is concerned the picture is a very weak one. With the unemp rate up here already well over 9% in April (and trend data looking even worse), these weak May numbers for QLD could spell a nasty set of numbers for FNQ next Thursday.