Australian employment rises strongly in August, jobless rate stable at 5.3 pct

15 Septembre, 2018, 01:39 | Auteur: Auguste Feret
  • ABS Business Insider

The RBA is struggling for inflation drivers as the government tries to push down power prices ahead of an election and tobacco excise rises come to an end; that leaves wages as the best option to fuel consumer-price growth and set the stage for the first interest-rate increase since 2010. But it was the decline in the underutilisation rate that will have policymakers grinning ear-to-ear this month.

However the figures show the slackness in the labour market that has kept wages growth low tightened a bit.

In line with the recent monthly volatility, the falls in July were revised lower to 4,300 in seasonally adjusted terms, down from the 3,900 initially reported.

The underutilisation rate dipped to 13.4% in August, from 13.9% in May, and is now at its lowest level since May 2013.

Significantly, the underemployment rate fell to 8.1 percent from May's 8.5 percent.

The rustbelt state of South Australia shed the most positions, down 8,400; unemployment rose the most in the mining hub of Western Australia, to 6.4 per cent from 6 per cent.

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"Ample slack remains in the labour market". So we still have a long way to go. That is well below the 33,800 people who found work each month last year, but if replicated over the remainder of the year, we'd conclude that it has been a very good year for the Australian labour market. On balance, they continue to indicate towards further improvement. Full-time roles have accounted for around three-quarters of employment growth over the past three months.

August's increase left the total number of employed persons at 12.631 million, a new record high.

Unemployment decreased 2,700 to 711,900.

Annual jobs growth of 2.5 percent was well ahead of the USA pace of job creation of 1.6 percent.

The latest data from Seek also shows job ads are up 5.4 per cent on a year ago, and the latest NAB business survey is also predicted stronger employment growth in the coming months. The number of unemployed persons looking for full-time work decreased 7,500 to 494,800 and the number of unemployed persons only looking for part-time work increased 13,200 to 214,000.

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