Unemployment figures dropped from 6.3% in july 2015 to 6.2% in August, according to the Australian Bureau of Statistics (ABS).
According to The Age's economics editor Peter Martin, the government has been fiddling with new rules for Newstart allowance, making it tougher to get without applying for jobs and proving that you are actively looking for work.
In July, those changes saw the unemployment rate rise from 6.1% to 6.3%.
But even that number could be deceptive. Apart from the issue of the unemployment number being extremely volatile, the ABS reckons sampling errors could mean the figure is only 95% accurate. That could mean a swing of 0.4% either way.
On the positive side, a record number of Australians are now employed – 11, 775,800, after adding 17,400 jobs in August 2015. Employment has also risen 2.0% over the past year, and labour market participation is steady at 65% – near the highest level in more than two years.
Despite doomsayers predictions of an imminent recession, Australia's economy remains healthy, albeit growing slower (2% for the year) than target rates. That growth could accelerate thanks to the plunge in the Australian dollar and all-time low interest rates.
Foolish takeaway
After 96 quarters without a recession (since 1991), Australia is still on track to beat the Netherlands' record of 103 quarters set between 1982 and 2008. Yes, we will face a recession at some stage, but it's highly unlikely anytime soon.
