--- title: "21230 – Employment & GDP" url: https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/ date: 2026-07-02 modified: 2026-10-10 lang: en author: "Nicklas Clark" description: "APN Codex Node 21230 21200 Series — Economic Factors Employment & GDP Components2Weighting1/2 eachPeriodQ2 2026Z-Score+0.2476σPosition84.4 of 123 qtrs 1Node Definition Employment & GDP (21230) measures the strength of the labour..." word_count: 1549 --- # 21230 – Employment & GDP APN Codex Node 21230 21200 Series — Economic Factors ### Employment & GDP Components2Weighting1/2 eachPeriodQ2 2026Z-Score+0.2476σPosition84.4 of 123 qtrs 1Node Definition Employment & GDP (21230) measures the strength of the labour market and of output growth as they bear on Australian residential property: how scarce labour is, and how fast output per person is growing. Higher readings mean a stronger labour market and faster growth. It carries a weighting of 0.15 in the Economic Factors (APN Aggregate Macro-Volatility Index™) (21200). It heads a family of nodes. The employment nodes (21231–21234) read the labour market; the GDP and productivity nodes (21235–21239) read output, productivity and investment. The node itself is the equal-weighted mean of one node from each side, Labour Market Tightness (21231) and Growth per Person (21235), so that labour and output carry equal weight however many nodes the family holds. The other family nodes are read in their own right and do not compose into 21230. 2Metric Definition **Primary metric: Node Composite Z-Score (Z21230)** Composite Z-Score Construction Current (Q2 2026)+0.2476σ Z21231Labour Market Tightness: the employed share of the labour force and the job vacancy rate, equally weighted. Q2 2026: +0.5983σ Z21235Growth per Person: growth over the year in GDP per capita, chain volume measures. Q2 2026: −0.1030σ **Metric typology:** equal-weighted composite of two component nodes, each standardised against 2011–2025 baselines. Both components read rates rather than levels: the level of GDP and the number of jobs rise with the size of the economy, so a standardised level would largely measure the passage of time. The two components are distinct signals: over 2011–2025 their readings correlate at 0.28. 3Components The nine nodes of the Employment & GDP family. Labour Market Tightness and Growth per Person compose into 21230 at half weight each. The other nodes are read in their own right. [21231 →Labour Market TightnessEmployed share of the labour force and job vacancy rate. Q2 2026: +0.5983σ, 83.6 of 123 quarters. Composes into 21230.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/21231-labour-market-tightness/)[21232 →Employment GrowthFilled jobs and hours worked, growth over the year. Q2 2026: +0.2795σ, 68.3 of 124 quarters.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/21232-employment-growth/)[21233 →Real Wage GrowthWage Price Index growth less CPI growth. Q2 2026: −0.5704σ, 13.5 of 112 quarters.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/21233-real-wage-growth/)[21234 →State Labour ConditionsEmployed share and job vacancy rate for each state and territory, against its own history. Q2 2026: −0.1378σ (ACT) to +0.9007σ (Queensland), 60 quarters each.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/21234-state-labour-conditions/)[21235 →Growth per PersonGDP per capita, growth over the year. Q2 2026: −0.1030σ, 31.4 of 208 quarters. Composes into 21230.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/21235-growth-per-person/)[21236 →Labour ProductivityGDP per hour worked, growth over the year. Q2 2026: −0.5493σ, 18.2 of 188 quarters.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/21236-labour-productivity/)[21237 →Multifactor ProductivityMarket-sector multifactor productivity, annual growth. 2024-25: −1.1551σ, 13.8 of 30 years.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/21237-multifactor-productivity/)[21238 →Business Investment GrowthPrivate non-dwelling construction and machinery and equipment investment, growth over the year. Q2 2026: +0.9727σ, 73.8 of 264 quarters.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/21238-business-investment-growth/)[21239 →Construction ProductivityConstruction industry multifactor productivity, annual growth. 2024-25: −0.5400σ, 14.7 of 35 years.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/21239-construction-productivity/) 4Reading History The chart shows the node’s reading in every quarter. A quarter is ranked only when both components are present and each has all of its own inputs. Employment & GDP (21230) · Reading HistoryNode Z-Score by Quarter, March 2011 to June 2026+0.2476σ · position 84.4, ranked against 123 quarters**Reading, ranked quarters**Normal range (middle 80% of ranked quarters)**Current readingThe June quarter 2026 reading, +0.2476σ, ranks 84.4 against 123 quarters and sits inside the normal range of −0.7572σ to +0.4706σ. The highest ranked reading was +2.5962σ in the June quarter 2021, and the lowest −2.8837σ in the June quarter 2020. Before September 1994 only Growth per Person is available, and Labour Market Tightness lacks the vacancy rate from August 2008 to August 2009; those readings are drawn dashed and are not ranked. Show the data | Quarter | Reading | Basis | | ------- | ------- | ----- | | Q3 1974 | −0.4201σ | Partial coverage | | Q4 1974 | −1.5428σ | Partial coverage | | Q1 1975 | −1.2906σ | Partial coverage | | Q2 1975 | +1.3165σ | Partial coverage | | Q3 1975 | +0.2425σ | Partial coverage | | Q4 1975 | −0.4930σ | Partial coverage | | Q1 1976 | +1.4589σ | Partial coverage | | Q2 1976 | +0.0578σ | Partial coverage | | Q3 1976 | +1.0048σ | Partial coverage | | Q4 1976 | +2.1980σ | Partial coverage | | Q1 1977 | −0.2599σ | Partial coverage | | Q2 1977 | +0.2505σ | Partial coverage | | Q3 1977 | −0.3715σ | Partial coverage | | Q4 1977 | −0.9540σ | Partial coverage | | Q1 1978 | −0.4978σ | Partial coverage | | Q2 1978 | −0.6305σ | Partial coverage | | Q3 1978 | −0.1291σ | Partial coverage | | Q4 1978 | +0.1223σ | Partial coverage | | Q1 1979 | +0.6535σ | Partial coverage | | Q2 1979 | +0.0457σ | Partial coverage | | Q3 1979 | −0.1070σ | Partial coverage | | Q4 1979 | +0.1835σ | Partial coverage | | Q1 1980 | −0.3232σ | Partial coverage | | Q2 1980 | +0.0229σ | Partial coverage | | Q3 1980 | −0.0414σ | Partial coverage | | Q4 1980 | −0.0902σ | Partial coverage | | Q1 1981 | −0.0460σ | Partial coverage | | Q2 1981 | +0.3597σ | Partial coverage | | Q3 1981 | +0.5900σ | Partial coverage | | Q4 1981 | −0.0108σ | Partial coverage | | Q1 1982 | −0.3930σ | Partial coverage | | Q2 1982 | −0.6813σ | Partial coverage | | Q3 1982 | −1.4820σ | Partial coverage | | Q4 1982 | −2.2807σ | Partial coverage | | Q1 1983 | −2.4520σ | Partial coverage | | Q2 1983 | −2.7503σ | Partial coverage | | Q3 1983 | −1.9714σ | Partial coverage | | Q4 1983 | −0.9217σ | Partial coverage | | Q1 1984 | +0.0139σ | Partial coverage | | Q2 1984 | +0.3961σ | Partial coverage | | Q3 1984 | +0.0191σ | Partial coverage | | Q4 1984 | −0.1951σ | Partial coverage | | Q1 1985 | −0.4896σ | Partial coverage | | Q2 1985 | −0.2037σ | Partial coverage | | Q3 1985 | +0.0240σ | Partial coverage | | Q4 1985 | −0.1438σ | Partial coverage | | Q1 1986 | −0.3775σ | Partial coverage | | Q2 1986 | −0.8984σ | Partial coverage | | Q3 1986 | −1.3380σ | Partial coverage | | Q4 1986 | −0.8830σ | Partial coverage | | Q1 1987 | −0.8303σ | Partial coverage | | Q2 1987 | −0.2824σ | Partial coverage | | Q3 1987 | +0.1579σ | Partial coverage | | Q4 1987 | +0.2559σ | Partial coverage | | Q1 1988 | +0.1577σ | Partial coverage | | Q2 1988 | −0.2378σ | Partial coverage | | Q3 1988 | −0.3217σ | Partial coverage | | Q4 1988 | −0.3996σ | Partial coverage | | Q1 1989 | −0.1372σ | Partial coverage | | Q2 1989 | +0.4761σ | Partial coverage | | Q3 1989 | +0.5197σ | Partial coverage | | Q4 1989 | +0.1136σ | Partial coverage | | Q1 1990 | −0.0102σ | Partial coverage | | Q2 1990 | −0.6271σ | Partial coverage | | Q3 1990 | −1.1630σ | Partial coverage | | Q4 1990 | −1.1225σ | Partial coverage | | Q1 1991 | −1.9156σ | Partial coverage | | Q2 1991 | −2.0812σ | Partial coverage | | Q3 1991 | −1.9757σ | Partial coverage | | Q4 1991 | −2.2010σ | Partial coverage | | Q1 1992 | −1.7081σ | Partial coverage | | Q2 1992 | −1.5525σ | Partial coverage | | Q3 1992 | −1.3583σ | Partial coverage | | Q4 1992 | −1.0177σ | Partial coverage | | Q1 1993 | −0.9297σ | Partial coverage | | Q2 1993 | −0.9862σ | Partial coverage | | Q3 1993 | −1.1315σ | Partial coverage | | Q4 1993 | −1.1992σ | Partial coverage | | Q1 1994 | −0.8495σ | Partial coverage | | Q2 1994 | −0.5596σ | Partial coverage | | Q3 1994 | −0.6362σ | Ranked | | Q4 1994 | −0.6833σ | Ranked | | Q1 1995 | −1.1024σ | Ranked | | Q2 1995 | −1.2105σ | Ranked | | Q3 1995 | −0.8617σ | Ranked | | Q4 1995 | −1.1130σ | Ranked | | Q1 1996 | −0.7486σ | Ranked | | Q2 1996 | −0.6770σ | Ranked | | Q3 1996 | −1.1195σ | Ranked | | Q4 1996 | −0.8780σ | Ranked | | Q1 1997 | −1.0723σ | Ranked | | Q2 1997 | −0.3988σ | Ranked | | Q3 1997 | −0.4701σ | Ranked | | Q4 1997 | −0.2655σ | Ranked | | Q1 1998 | −0.2506σ | Ranked | | Q2 1998 | −0.6897σ | Ranked | | Q3 1998 | −0.2880σ | Ranked | | Q4 1998 | −0.0866σ | Ranked | | Q1 1999 | −0.0791σ | Ranked | | Q2 1999 | −0.0999σ | Ranked | | Q3 1999 | −0.3711σ | Ranked | | Q4 1999 | −0.2324σ | Ranked | | Q1 2000 | −0.2517σ | Ranked | | Q2 2000 | +0.0055σ | Ranked | | Q3 2000 | −0.1718σ | Ranked | | Q4 2000 | −0.7594σ | Ranked | | Q1 2001 | −0.7710σ | Ranked | | Q2 2001 | −0.9606σ | Ranked | | Q3 2001 | −0.7405σ | Ranked | | Q4 2001 | −0.3655σ | Ranked | | Q1 2002 | −0.2566σ | Ranked | | Q2 2002 | −0.0347σ | Ranked | | Q3 2002 | −0.1781σ | Ranked | | Q4 2002 | −0.2557σ | Ranked | | Q1 2003 | −0.3302σ | Ranked | | Q2 2003 | −0.6572σ | Ranked | | Q3 2003 | −0.2278σ | Ranked | | Q4 2003 | +0.0231σ | Ranked | | Q1 2004 | +0.2094σ | Ranked | | Q2 2004 | +0.3878σ | Ranked | | Q3 2004 | +0.1428σ | Ranked | | Q4 2004 | +0.0474σ | Ranked | | Q1 2005 | +0.0448σ | Ranked | | Q2 2005 | −0.0078σ | Ranked | | Q3 2005 | +0.0607σ | Ranked | | Q4 2005 | +0.0200σ | Ranked | | Q1 2006 | −0.0747σ | Ranked | | Q2 2006 | −0.0716σ | Ranked | | Q3 2006 | +0.0404σ | Ranked | | Q4 2006 | +0.1730σ | Ranked | | Q1 2007 | +0.4817σ | Ranked | | Q2 2007 | +0.5991σ | Ranked | | Q3 2007 | +0.5588σ | Ranked | | Q4 2007 | +0.3405σ | Ranked | | Q1 2008 | +0.3060σ | Ranked | | Q2 2008 | +0.1871σ | Ranked | | Q3 2008 | +0.1146σ | Partial coverage | | Q4 2008 | −0.1702σ | Partial coverage | | Q1 2009 | −0.4972σ | Partial coverage | | Q2 2009 | −0.4558σ | Partial coverage | | Q3 2009 | −0.4636σ | Partial coverage | | Q4 2009 | −0.3001σ | Ranked | | Q1 2010 | −0.3140σ | Ranked | | Q2 2010 | −0.2086σ | Ranked | | Q3 2010 | −0.0441σ | Ranked | | Q4 2010 | +0.0614σ | Ranked | | Q1 2011 | −0.1331σ | Ranked | | Q2 2011 | −0.0006σ | Ranked | | Q3 2011 | +0.0450σ | Ranked | | Q4 2011 | +0.0839σ | Ranked | | Q1 2012 | +0.4008σ | Ranked | | Q2 2012 | +0.2468σ | Ranked | | Q3 2012 | −0.0509σ | Ranked | | Q4 2012 | −0.2416σ | Ranked | | Q1 2013 | −0.4692σ | Ranked | | Q2 2013 | −0.5849σ | Ranked | | Q3 2013 | −0.5346σ | Ranked | | Q4 2013 | −0.4885σ | Ranked | | Q1 2014 | −0.3986σ | Ranked | | Q2 2014 | −0.3877σ | Ranked | | Q3 2014 | −0.5337σ | Ranked | | Q4 2014 | −0.5924σ | Ranked | | Q1 2015 | −0.5391σ | Ranked | | Q2 2015 | −0.5890σ | Ranked | | Q3 2015 | −0.4803σ | Ranked | | Q4 2015 | −0.2924σ | Ranked | | Q1 2016 | −0.2749σ | Ranked | | Q2 2016 | −0.1736σ | Ranked | | Q3 2016 | −0.4013σ | Ranked | | Q4 2016 | −0.3120σ | Ranked | | Q1 2017 | −0.4528σ | Ranked | | Q2 2017 | −0.4084σ | Ranked | | Q3 2017 | −0.0841σ | Ranked | | Q4 2017 | −0.2768σ | Ranked | | Q1 2018 | −0.0466σ | Ranked | | Q2 2018 | +0.0624σ | Ranked | | Q3 2018 | +0.0113σ | Ranked | | Q4 2018 | −0.0204σ | Ranked | | Q1 2019 | −0.1012σ | Ranked | | Q2 2019 | −0.2649σ | Ranked | | Q3 2019 | −0.2318σ | Ranked | | Q4 2019 | −0.0705σ | Ranked | | Q1 2020 | −0.3373σ | Ranked | | Q2 2020 | −2.8837σ | Ranked | | Q3 2020 | −1.7717σ | Ranked | | Q4 2020 | −0.7733σ | Ranked | | Q1 2021 | +0.2073σ | Ranked | | Q2 2021 | +2.5962σ | Ranked | | Q3 2021 | +1.2200σ | Ranked | | Q4 2021 | +1.5386σ | Ranked | | Q1 2022 | +1.2158σ | Ranked | | Q2 2022 | +1.4074σ | Ranked | | Q3 2022 | +1.8155σ | Ranked | | Q4 2022 | +1.0149σ | Ranked | | Q1 2023 | +0.7946σ | Ranked | | Q2 2023 | +0.5908σ | Ranked | | Q3 2023 | +0.4772σ | Ranked | | Q4 2023 | +0.1447σ | Ranked | | Q1 2024 | +0.0734σ | Ranked | | Q2 2024 | +0.0142σ | Ranked | | Q3 2024 | +0.0098σ | Ranked | | Q4 2024 | +0.1805σ | Ranked | | Q1 2025 | +0.1282σ | Ranked | | Q2 2025 | +0.2429σ | Ranked | | Q3 2025 | +0.2353σ | Ranked | | Q4 2025 | +0.4443σ | Ranked | | Q1 2026 | +0.4017σ | Ranked | | Q2 2026 | +0.2476σ | Ranked | Z-Score+0.2476σQ2 2026Position84.4ranked against 123 quartersLabour Market Tightness+0.5983σ83.6 of 123Growth per Person−0.1030σ31.4 of 208Components2equal weightWeight in AMVI0.1521200 | Component | Reads | Q2 2026 Z | Position | Weight | | --------- | ----- | --------- | -------- | ------ | | Labour Market Tightness (21231) | Employed share of the labour force (95.57%) and job vacancy rate (2.02%) | +0.5983σ | 83.6 of 123 | 0.50 | | Growth per Person (21235) | GDP per capita, growth over the year (+0.68%) | −0.1030σ | 31.4 of 208 | 0.50 | 5Analytical Interpretation At +0.2476σ (Q2 2026), labour market and output conditions are a little stronger than their 2011–2025 average. **Position.** 84.4, ranked against 123 quarters since September 1994; the reading is the lowest since September 2025, after +0.4443σ in December 2025 and +0.4017σ in March 2026. The two components point in different directions. The labour market remains tighter than average (+0.5983σ), although it has eased since its June 2022 peak and is at its loosest since March 2021. Output per person is growing slightly below average (+0.68% over the year, −0.1030σ); total output grew 2.14%, so most growth reflects a larger population. The highest reading on record, +2.5962σ in June 2021, and the lowest, −2.8837σ in June 2020, both fall in the pandemic years. 6Ecosystem Interfacing **Economic Factors (APN Aggregate Macro-Volatility Index™) (21200).** Employment & GDP carries a weighting of 0.15 among the nine components of the AMVI, which reads +0.8481σ for the March quarter 2026. Higher readings of 21230 add to the AMVI, as higher interest rates and inflation do: each signals a hotter economy. | Destination | Node | Contribution | | ----------- | ---- | ------------ | | Economic Factors (APN Aggregate Macro-Volatility Index™) | 21200 | Component, weight 0.15 | 7Other Components The other eight components of Economic Factors (APN Aggregate Macro-Volatility Index™) (21200). [Node 21210 →Interest RatesReads the cost of capital from the cash rate, retail lending rates, the two-year forward bond yield and the share of new lending at high debt-to-income multiples.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21210-interest-rates/) [Node 21220 →InflationReads the inflation environment from headline, housing and trimmed-mean consumer prices, house construction producer prices and consumer inflation expectations.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21220-inflation/) [Node 21240 →Household Finance & SpendingReads household financial position from the gap between investor and first home buyer lending growth, the gap between discretionary and non-discretionary spending, and the share of high debt-to-income lending.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/series-21240/) [Node 21250 →Migration TrendsReads net overseas migration to Australia.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/series-21250/) [Node 21260 →Construction Costs & Supply ChainReads construction cost and supply-chain pressure from the gap between output and input producer prices by state, input price growth, dwelling approvals volume and construction companies entering external administration.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/series-21260/) [Node 21270 →Credit VelocityReads the pace of new credit origination from new loan commitments, the share of lending at high debt-to-income or loan-to-value ratios, and lenders' interest spreads and serviceability settings.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/series-21270/) [Node 21280 →Business InsolvencyReads companies entering external administration or having a controller appointed for the first time, with construction and all other industries as separate components, from ASIC insolvency statistics.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/series-21280/) [Node 21290 →Construction Completion LagReads how long the pool of dwellings under construction is taking to clear, comparing the stock under construction against the rate at which dwellings are completed.](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/series-21290/) [Parent index →21200 — Economic Factors (APN Aggregate Macro-Volatility Index™)](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/) 8Certification Statement Employment & GDP (21230) holds Active status. Its composite Z-score of +0.2476σ (Q2 2026) is certified from its two component nodes, each certified from Tier-1 ABS releases, and is ranked against the 123 quarters in which both components have full coverage. Certified 4 October 2026. ##### Node Parameters Node21230 Series21200 StatusActive Components2, equal weight Family21231–21239 PeriodQ2 2026 Z-Score+0.2476σ Position84.4 of 123 qtrs Weight in 212000.15 Certified4 Oct 2026 ##### APN Academy — EL Distillations [EL 1**Plain English** — Jobs, Growth and the Income Behind a Mortgage→](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/distillation-el1/) [EL 2**Foundational** — The Two Components Behind the Employment & GDP Reading→](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/distillation-el2/) [EL 3**Practitioner** — Reading Labour and Growth for Client Strategy→](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/distillation-el3/) [EL 4**Advanced Practitioner** — Rates, Not Levels: How the Employment & GDP Family Is Built→](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/distillation-el4/) [EL 5**Expert** — A Pandemic Anchor and a Short Joint History: The Limits of the Employment & GDP Reading→](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/distillation-el5/) [EL 6**Masterful** — Employment Without Productivity: A Structural Assessment of Labour and Growth→](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/distillation-el6/) ##### Technical Specification [ Technical Specification Employment & GDP (21230) — Vector Architecture & Certification Record 15-year baseline methodology, three-vector construction, G2 series break disclosure, and certification record ](https://australianproperty.network/apn-codex/series-20000/series-21000/series-21200/21230-employment-gdp/technical-specification/)