Any Strong Choices jobs boost will come too late to do anything about current weakness

Unemployment_Oct14

While there is more than the usual uncertainty about the reliability of recent jobs data from the ABS, yesterday’s awful data for Queensland, with unemployment now at 7% seasonally adjusted, can be read as confirming the economy is pretty weak at the moment.  This weakness was also apparent in the retail trade data released by the ABS earlier in the week (see Pete Faulkner’s post Retail trade jumps but QLD lags behind as we ditch print). I expect this weakness will continue for another 3-6 months at least.

The Queensland Treasurer is right to talk about the eventual economic boost to Queensland that will come from LNG exports (see Leases to help Qld jobless rate: Nicholls), but it, along with any projects associated with the Strong Choices infrastructure package, will ramp up over the next few years and won’t help the Queensland economy at the current time. Furthermore, any jobs boost from infrastructure projects would be partly offset by any job shedding as a result of leasing out assets.

Further commentary on yesterday’s labour force data is available at:

Unemployment steady at 6.2% but QLD tanks

Queensland Treasury information brief

Advertisements
This entry was posted in Labour market and tagged , , , , , , , . Bookmark the permalink.

2 Responses to Any Strong Choices jobs boost will come too late to do anything about current weakness

  1. KT says:

    2014 hasn’t been a great year for Qld. Lets hope following the election (and confirmation of lease / sales) that the economy improves. We may find a spike in house growth too (following better employment numbers)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s