Revisions + volatility v Credibility of Payrolls
Catching up with payrolls data regionally updated by ABS to November 13th. Previous post included included commentary from ABS on volatility and to expect revisions: Cassowary Coast and Tableland Top Cairns Regional Payrolls
Revisions here are starting to overwhelm data quality but nobody bothers with data quality when it is the “official” ABS employment numbers at regional level so why should we bother with it now?
Revisions for Cairns SA4 are pretty astounding which places us near the top of Queenland regions. Again note that the index for Queensland is above all component SA4 regions as location can’t be applied to all data.
The volatility of revisions makes me wary but it doesn’t matter which period you adopt it’s almost impossible to find negative data for Cairns beyond anecdotal reports from international tourism operators reliant on cheap visa labour.
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