REBENCHMARKING OF LABOUR FORCE ESTIMATES
The ABS re-benchmarks Labour Force data once a quarter in February, May, August and November to ensure the estimates are based on the most up to date population benchmarks. This publication presents the estimates up to October 2015 based on the revised population benchmarks.
Revisions to original data resulting from rebenchmarking are usually confined to the previous 22 months. However, with this issue there are minor revisions to estimates outside this period.
Detailed information on the extent of revisions resulting from rebenchmarking can be derived by comparing the data released in this issue and the data released in the October 2015 issue of Labour Force, Australia (cat. no. 6202.0) on 12 November 2015.
Further information on the rebenchmarking process is included in the February 2015 issue of Labour Force, Australia (cat. no. 6202.0).
REVISIONS TO HEADLINE SERIES
Incorporating the latest revised population benchmarks has resulted in minor revisions across the Labour Force series. The population benchmarks were revised from January 2014 to October 2015, however minor revisions to seasonally adjusted and trend estimates will occur throughout the time series due to concurrent seasonal adjustment.
The latest available Estimated Resident Population (ERP) growth over the previous 22 months was less than previous ERP. For October 2015, the Labour Force civilian population aged 15 years and over was revised down from 19.36 million to 19.34 million persons.
Revisions to headline series were minimal, with the largest revision in absolute terms to total seasonally adjusted employed persons of -12,300 (-0.1%) occurring in October 2015 and the average revision since January 2014 being -6,100 persons. The largest revision in absolute terms to seasonally adjusted unemployed persons of -700 persons (-0.1%) was in September 2015, with the average revision since January 2014 being -200 persons. There were no revisions greater than 0.00 percentage points to the seasonally adjusted unemployment rate.
TABLE 1 - REVISIONS TO LEVELS
TABLE 2 - REVISIONS TO OCTOBER 2015 MONTH ON MONTH AND YEAR ON YEAR MOVEMENT
While headline level estimates were revised down as a result of the revised population benchmarks, these revisions were not large enough to significantly affect month on month movements.
Minor revisions outside of the 22 month rebenchmarking period were incorporated to reflect improvements in the underlying historical source data. This is not expected to be an ongoing part of quarterly rebenchmarking. The largest revision to total employed persons outside of the rebenchmarking period in original terms was -2,400 persons (less than 0.1%) in April 2013. The largest revision to total unemployed persons outside of the rebenchmarking period in original terms was -150 persons (less than 0.1%%), also in April 2013.