Wednesday, 18 October 2017

Australian jobs boomlet continues -Australian unemployment rate dips to four-month low of 5.5 per cent

Good News for Australians and their favorite vacation spot Bali.

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AUSTRALIA’S unemployment rate has fallen to 5.5 per cent, official figures show, beating market expectations.
The total number of people with jobs rose by 19,800 in September compared with the previous month, the Australian Bureau of Statistics said today.
Full-time employment rose by 6100, while the number of new part-time employees was up 13,700.
The participation rate, broadly covering the number of people employed or actively looking for work, was steady at 65.2 per cent.
Around the states, Victoria’s jobless rate improved, falling from 6.1 per cent in August to 6 per cent last month as 8900 more people joined the workforce.
But the news is mixed for the state, with the jobless rate in Victoria remaining the highest among all the states and territories.
Macca’s perspective.
New South Wales cemented its position as the state with the lowest rate, down from 4.9 per cent in August to 4.6 per cent in September.
Western Australia’s rate also improved, from 5.9 per cent to 5.7 per cent, and Tasmania’s fell from 6 per cent to 5.7 per cent.
Queensland’s rate deteriorated, increasing from 5.7 per cent to 5.9 per cent. South Australia’s also climbed, from 5.7 per cent to 5.8 per cent.
CommSec economist Craig James noted that nationally, the unemployment rate had not been lower in more than four years.
Property development continues to be a major source of jobs. Picture: Jay Town
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“The good news keeps on flowing. More people are looking for work. More people are finding work,” Mr James said.
“Home building, infrastructure spending and exports are key economic drivers at present and they are providing solid support for job creation.”
He cautioned, however, that there were lingering headwinds.
“The missing ingredient at present is wage growth,” Mr James said.
“Wages are growing at a slower pace simply because businesses find it hard to lift prices in an era of global competition.
“But it is important to note that slower wage growth is a global phenomenon.”
The Australian dollar jumped as the ABS published the figures. It was buying US78.48c immediately ahead of the release, and US78.65c shortly after.

ABS jobs for September are out and the boomlet continues:
  • Employment increased 19,800 to 12,290,200. Full-time employment increased 6,100 to 8,398,200 and part-time employment increased 13,700 to 3,892,000.
  • Unemployment decreased 11,800 to 711,500. The number of unemployed persons looking for full-time work decreased 10,600 to 487,100 and the number of unemployed persons only looking for part-time work decreased 1,200 to 224,400.
  • Unemployment rate decreased 0.1 pts to 5.5%.
  • Participation remained steady at 65.2%.
  • Monthly hours worked in all jobs increased 11.2 million hours (0.7%) to 1,718.2 million hours.
Nothing wrong with that.

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