Less Hours Worked

Yesterday the Bureau of Statistics put some detail to their labour figures. In May the average number of hours worked by Australians hit a record (24-year) low at 33.7 hours per week.

Job loses were concentrated in manufacturing, mining, utilities and administrative positions in the last quarter.

Unlike the last recession employers seem to be holding onto staff and saving costs by reducing their hours. If that's the case we may not get the high unemployment rates of the last recession and current forecasts. It seems hours worked may be a better indicator to follow.